Eye On Stock - Spritzer

Eye on stock spritzer

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.