SPRITZR was in the limelight recently as they reported a strong set of 3Q14 results. On last Monday, SPRITZR rose 11 sen (+5.82%) to close at RM2.00 with a bullish ‘Marubozu’ candlestick. Chart-wise, share share price has recently retreated to its ‘resistance-turned-support’ level of RM1.72. Key indicators like Stochastic and RSI are currently positive, suggesting that buying momentum is pilling up. Thus, we believe that SPRITZR could stage an interesting ‘rebound play’ from its support level. Traders who buy into the stock could look to take profit 3 bids below the ‘Double Bottom’-alike chart pattern measurement objective of RM2.24 at RM2.21. Meanwhile, we advise traders to employ a stop-loss 3 bids below its support level of RM1.90 at RM1.87.

 

Source: Kenanga