I am not so sure about for cycling in particular, but if your looking for something to support your patella and help it track right, I would suggest a neoprene 'J' brace. I am not sure how that brace you showed will help with lateral patellar movement.
I know you can get them without the strap as well to make it a little less cumbersome. It is going to be somewhat restrictive though. I had one that I wore under my huge bionic leg brace when I wrestled in HS because I tore all the Vastus Medialis muscles that hold your knee cap in place wrestling. So, I used the combination of braces to semi-hold it in place while finishing out my season to have surgery. Bad knees are why I am currently trying to get into cycling. You can actually buy one about a size too small and cut out a nice vertical diamond shape out of the back of it to allow more flexibility of your knee and reduce irritation.
Is this from a specific injury?