Cloudpoint Technology Bhd (CLOUDPT, 0277)

• CLOUDPT may extend its upward trajectory after breaking out from its one-week rectangularpattern with a long white candle yesterday. Given the supportive technical reading in RSI, along with a gradual rise in trading volume, and the positive cross of its 20-day EMA above the 50-day EMA a few sessions ago, this bullish crossover has enhanced the upward momentum.

• We expect the rising momentum is set to steer the stock higher and test its immediate resistance ofRM0.64 (R1) followed by RM0.67 (R2) in the near term.

• On the downside, stop-loss is set at RM0.53.
  
  

Source: Rakuten Research - 23 Feb 2024

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