Cloudpoint Technology Bhd is showing signs of a potential breakout past the immediate resistance, as bullish momentum continues to build. The stock recently rebounded from its support level, marked by a long bullish candlestick and a notable increase in trading volume. According to RHB Investment Bank Bhd (RHB Research), this indicates strong underlying bullish sentiment. Should the stock break through the RM0.90 resistance, it is expected to extend its upward trajectory towards RM0.96, with a further target of RM1.03. However, a dip below the RM0.825 support level could signal a downward trend.
Meanwhile, UUE Holdings Bhd is also attempting to resume its upward movement, currently testing the immediate resistance. The stock has been consolidating below the RM0.735 resistance level. RHB Research notes that the 21-day Simple Moving Average (SMA) is trending upwards, suggesting a short-term bullish trend. A break above this resistance could lead the stock to RM0.78, with a further target of RM0.83. On the downside, if the stock falls below the RM0.68 support, a correction phase is expected to follow.
Investors are advised to monitor these counters closely for potential breakout opportunities or signs of correction.
