Smartpay Holdings Ltd. stock price has witnessed the formation of an ascending triangle pattern over the daily chart. The SPY stock slipped below the 50-day EMA indicating the short-term dominance of sellers in the stock price.
The price trend analysis demonstrates that the SPY stock persisted in a long-term uptrend and gained over 22.90% in the past six months and 56.3% on a year-to-date basis.
The SPY stock price faced some selling pressure when the price attempted to break above the 1.4 NZD level in the last week of July. Since then, the price has been under bearish control and has been facing a short-term correction phase.
Currently, the SPY stock price shows consolidation near the 50-day EMA and forms an ascending triangle pattern. The breakout above the 1.685 NZD level may align the short-term trend in the favor of bulls and the price may surge to break above the recent swing high.
Smartpay Holdings Stock Price Forecast For 2023
The average analyst price target for Smartpay Holdings stock in 2023 is 2.815 NZD, which represents a potential upside of 74.81% from the current price. However, there is a wide range of analyst price targets between 2.05 NZD to 3.20 NZD.
The most optimistic analysts believe that Smartpay Holdings stock can reach 3.02 NZD in 2023 if the global banking and finance industry grows strongly.
Technical Indicators Signal Neutral to Bullish Sentiments
The overall technical indicators including RSI and MACD opinion rating for the SPY stock is a 30% “sell” with a weak short-term outlook on maintaining the current trend.
Conclusion
Smartpay Holdings stock is in a long-term uptrend but is facing short-term correction. The price is forming an ascending triangle with resistance at 1.685 NZD and support from the trendline. The price may break out of the pattern and resume the uptrend. Smartpay Holdings provides payment solutions and services.
Analysts have a wide range of price targets for 2023 from 2.05 NZD to 3.20 NZD. The highest target implies strong growth in the banking and finance industry. The average target is 2.815 NZD, a 75% upside from the current price.
Technical Levels
- Support Levels: 1.570 NZD and 1.510 NZD
- Resistance Levels: 1.685 NZD and 1.840 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.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/10/11/spy-stock-price-analysis-can-smartpay-holdings-skip-consolidation/