Cloudpoint Technology is poised for an uptrend rebound as it recently tested the immediate resistance of MYR0.525 – this suggests a bullish breakout from the consolidation phase is pending. If a breakout happens, the sideways consolidation could transition to a bullish trend. This could potentially drive the stock to the recent high of MYR0.56, and potentially even reaching the MYR0.60 mark. On the other hand, if the stock drops below the support level of MYR0.49, forming a "lower low" bearish pattern, the sideways consolidation may shift to a bearish trend.

Source: RHB Securities Research - 21 Jun 2023