Thursday 27 December 2012

Highlights / Stock Picks of the Day - SP Setia Bhd ("SPSETIA")


SPSETIA's share price has been battered over the past two years despite achieving record-breaking sales in FY12. The share price is now hovering close to the RM2.97 long term support and has tested this level on several occasions this month. Yesterday, the share  price rose 2 sen to close at RM3.05 and with the Stochastic and RSI indicators emerging from the oversold regions, we do not rule out the resurgence of a fresh bargain hunting bout at these levels. Trading volumes have also picked up and we hence reckon the stock could see a short term rebound. Risk takers who are looking to ride an "Oversold Rebound" towards the RM3.34 and RM3.47 resistance levels may nibble now  although we recommend a tight stop-loss at RM2.94 should the technical picture turn sour.

Source: Kenanga

No comments:

Post a Comment