Formosa Prosonic testing resistance level, says RHB Retail Research

TheEdge Wed, Feb 03, 2021 08:27am - 3 years View Original


KUALA LUMPUR (Feb 3): RHB Retail Research said Formosa Prosonic Industries Bhd is testing the resistance level marked at RM2.86, with higher trading volume.

In a trading stocks note today, the research house said that that since January, the stock has formed a higher highs and higher lows pattern, indicating a strong bullish formation.

“If it breaks out from the resistance level, we believe the bullish momentum will extend the uptrend towards the next resistance level at RM2.98, followed by RM3.25.

“A downward breach of the RM2.56 support level will negate this expectation,” it said.

 

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