Formosa Prosonic Industries may trend higher after it surged to a 7-month high and closed above the RM3.20 resistance yesterday. As the 20-day and 50-day EMAs have confirmed their bullish crossover three weeks ago, the stock looks positive in the short and medium term. A bullish bias may emerge above the RM3.20 level, with a stop-loss set at RM2.95, below 4 Nov’s low. Towards the upside, the near-term resistance level is seen at RM3.40, followed by RM3.60.
Entry : RM3.20–3.28
Target : RM3.40, RM3.60
Exit : RM2.95
Source: AmInvest Research - 22 Nov 2022
