Cloudpoint Technology Bhd (CLOUDPT, 0277)

• We believe CLOUDPT is back on buyer’s radar after breaking through the key resistance of RM0.84with a strong white candlestick yesterday. In view of both the 20-day and 50-day EMAs are pointing upward, a trend reversal from the previous downtrend seems likely, suggesting continuation of the bullish momentum. This is further supported by a rising RSI, indicating stronger upward movement ahead.

• We anticipate the positive strength to steer the stock higher and test the next resistance at RM0.91(R1) followed by RM0.975 (R2) in the near term.

• On the downside, stop-loss is set at RM0.765.
  

Source: Rakuten Research - 9 Oct 2024

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