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Smartpay Holdings’ stock price slumped 5.41% in the past three intraday sessions. - 2
Smartpay Holdings’ share price (NZX: SPY) suffered rejection from the 50-day EMA and slid to the 200-day EMA. - 3
SPY stock price has made a breakdown of the ascending triangle pattern formed over the daily chart.
Smartpay Holdings Ltd. stock price made a breakdown of the ascension triangle pattern and resumed its short-term declining trend. The stock price is down over 5.5% in the last three intraday sessions. The price is currently nearing 200-day EMA which may act as a dynamic support.
Moreover, the price trend seems to be favoring bears in the short term and might crash more if it breaks below the 200-day EMA. Moreover, the long-term price trend had been favoring the bulls since the beginning of November 2022 and the stock prevailed in a strong uptrend till August 2023. The stock price was maintained above the key EMAs in the period and showed a gain of over 100% to their Investors.
Smartpay Holdings Ltd. engages in the provisions of payment-related services. The company provides electronic funds transfer at point of sale (EFTPOS) systems. The company is headquartered in Auckland, New Zealand, and was founded in 2004.
The analysts offering a 1-year price forecast for Smartpay Holdings Ltd. have a maximum estimate of 3.20 NZD with an upside potential of 115.49%. The minimum estimate also shows an upside potential of 38.11% which could take the price to 2.05 NZD.
Smartpay Holdings Stock Shows Breakdown of Ascending Triangle Pattern
Currently, the SPY stock price trades at 1.485 NZD with an intraday loss of 1% in the last session. The stock price has made a breakdown of the ascending triangle pattern and resumed a bearish outlook in the short term.
The price is nearing a 200-day EMA from where bulls may dominate and try to surge the price higher. The long-term trend is still bullish which may attract buyers at the lower levels when the price declines.
Technical Indicators Signal Bearish Outlook in Short-Term
The overall technical indicators including RSI and MACD opinion rating for the SPY stock is a 60% “sell” with a strengthening short-term outlook on maintaining the current trend.
Conclusion
Smartpay Holdings Ltd. stock price is bearish in the short term after breaking the ascending triangle pattern. The price is near 200-day EMA which may act as support. The long-term trend has been bullish since November 2022 with a gain of 100%. The company provides EFTPOS systems in New Zealand.
Analysts have a maximum estimate of 3.20 NZD and a minimum estimate of 2.05 NZD for the next year. The price may rebound if bulls dominate near the 200-day EMA. The current price is 1.485 NZD with an intraday loss of 1%.
Technical Levels
- Support Levels: 1.420 NZD and 1.325 NZD
- Resistance Levels: 1.680 NZD and 1.845 NZD
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/10/18/spy-stock-price-breaks-trendline-can-smartpay-stock-crash-more/