L&P Global is expected to resume its upward movement after recently breaking past the MYR0.48 immediate resistance with strong trading volume.
RHB Retail Research said today that this breakout is supported by a “Bullish Marubozu” candlestick pattern indicating positive momentum.
The stock is likely to continue its upward movement, targeting the previous highs of MYR0.515 (25 Apr) and MYR0.535 (22 Mar).
However, if the stock price drops below the support level of MYR0.45, it would invalidate the bullish pattern and resume the downtrend.
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.
