Cloudpoint is eyeing to extend its upside movement as it tested the immediate resistance with strong volume. The stock has been charting a series of “higher highs” with “higher lows” recently, this shows the bullish momentum is gaining traction. The bullish breakout of the MYR0.57 resistance would attract fresh bullish pressure. The momentum should then propel the stock towards MYR0.60, followed by MYR0.63. On the other hand, falling below the MYR0.515 support will nullify the bullish expectation.

Source: RHB Securities Research - 14 Aug 2023