Spritzer Bhd (code: 7103) gapped up at Friday’s opening to challenge the 200-day simple moving average (SMA) but erased all its gains to close unchanged at day’s end.
The stock has been facing consolidation pressure ever since it bottomed out at a recent low of RM1.87 on Monday. There have been two attempts thus far to break above the 200-day SMA, but both were unsuccessful. At present, the stock remains at risk of resuming its correction unless buying interest is sustained to make a break above the resistance.
Based on the daily price chart, a breakthrough of the 200-day SMA and the nearby 21-day SMA would see the counter trading above all the key moving averages. This would free the bulls to roam higher towards an initial resistance of RM2, and higher still to a stiffer hurdle of RM2.04.
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