Cloudpoint Technology Berhad (CLOUDPT, 0277)

• Share price has surged 16% since our last technical buy call on 9 October 2024.

• CLOUDPT has broken out of its one-month consolidation rectangular pattern, surpassing the resistance at RM0.96. We believe the stock may continue to trend higher, supported by the strong white candlestick from last Friday. The widening gap between the 20-day and 50-day EMAs, along with the stock moving further away from these levels, signals a strengthening bullish momentum.

• Thus, we expect the rising trajectory to steer the stock higher and test the next resistance at RM1.05 (R1) followed by RM1.11 (R2) in the near term.

• On the downside, stop-loss is set at RM0.91.

Source: Rakuten Research - 13 Jan 2025

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