RHB Research has identified VisDynamics Bhd and Cloudpoint Technology Bhd as technical stock picks after both counters broke above key resistance levels on bullish price action.
VisDynamics could extend its upward movement after breaking above resistance on a bullish candlestick, with its rising 21-day simple moving average indicating a sustained short-term uptrend.
RHB Research said holding above the RM0.50 breakout level could see the stock move towards RM0.55, followed by RM0.60.
However, a fall below the RM0.45 support level would invalidate the bullish setup and potentially trigger a correction.
Cloudpoint Technology also broke above resistance on strong trading volume, with the counter closing above RM0.49 after forming a bullish candlestick.
The research house expects the stock to move towards the next resistance at RM0.52, followed by RM0.55.
A decline below RM0.46 would invalidate Cloudpoint Technology’s bullish setup.
