FPI (9172): FORMOSA PROSONIC INDUSTRIES set to propel higher, says RHB Retail Research

FPI (9172): FORMOSA PROSONIC INDUSTRIES set to propel higher, says RHB Retail Research

KUALA LUMPUR (Feb 16): RHB Retail Research said Formosa Prosonic Industries Bhd is set to propel higher, as it broke above the RM3.66 immediate resistance with significant trading volume – printing a “higher high” bullish pattern.

In a trading stocks note today, the research house said if the breakout sustains above that level, the bulls may drive towards the next resistance level of RM4.14, followed by RM4.47.

“Conversely, falling below the immediate support of RM3.48 may trigger the resumption of a downward correction – below the 21-day average line,” it said.

http://www.theedgemarkets.com/article/formosa-prosonic-set-propel-higher-says-rhb-retail-research