Cloudpoint Technology is set to resume its uptrend after observing a breakout above the MYR0.68 level on Thursday – backed by surging volume. Following the consolidation near this threshold yesterday, we expect the uptrend to resume. We see the stock being propelled higher towards the MYR0.74 all-time high, followed by the MYR0.80 mark. However, a breach below the MYR0.635 support reverses the momentum, as the counter trades below the SMA line and forms a "lower low" bearish structure.

Source: RHB Securities Research - 14 May 2024