Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
SPY stock is presently witnessing a weak bearish momentum on the daily technical charts. On the daily chart, the share price is seeing a strong shorting. Smartpay Holdings is currently trading near the 100 EMA.
The upside trend of Smartpay Holdings may halt near the value of 1.23 NZD. Meanwhile, the support of the share price is near 0.90 NZD. SPY price is currently roaming beneath the 100 and 50-day EMAs. If the price surges beyond the 50 and 100-day EMAs, then a strong upward trend could be seen in the future.
SPY price prediction indicates that the Smartpay Holdings stock is presently trading within the firm grasp of the bears. Despite making several attempts within the past few months, the buyers have not been successful in smashing the price above the essential resistance levels near 50 and 100 EMAs on the 1-day chart.
The technical indicators are bearish. RSI and stochastic RSI oscillator are moving near the overbought zone whereas the major EMA lines are acting as barriers for the Smartpay Holdings price.
The company has shown good performance so far this year. Year-to-date, it gave negative returns of 57.28% and gave 36.71% in the span of 6 months. In the last 1 month, it gave a negative return of -0.31% and rose 0.31% in the last seven days.Â
Technical Analysis of SPYStock Price in 1-D Timeframe
SPY stock is trading under the 50 and 200-day DMAs (daily moving averages), which are not upholding the price trend.
Nevertheless, if more selling volume adds up, then more downtrend can be seen in the upcoming weeks. The price might smash new lows by making lower highs and lows. Hence, the Smartpay Holdings stock price is expected to move downwards giving bearish views over the daily time frame chart.
The current value of RSI is 47.39 points. The 14 SMA is below the median line at 42.29 points which indicates that the SPY stock is bearish.
The MACD line at -0.02 and the signal line at -0.02 are above the zero line. A bullish crossover is observed in the MACD indicator which signals more strength for the Smartpay Holdings stock price.
Short-Time Horizon Analysis
SPYstock has shown sellers’ strength. Profit booking in the stock was noted on the short-term charts. Moreover, the price retested the 100-day EMA, which the sellers tried to break.
The RSI curve is near the oversold region at 51, and a negative divergence was noted, indicating bearishness in the stock.
The MACD indicator persistently formed red bars; a bearish crossover was noted, which signals corrective moves.
Summary
SPY stock technical oscillators also support the bearish trend. The MACD, RSI, and EMA are emphasizing negative signs and imply that the downtrend may continue in the Smartpay Holdings stock price. SPY Price action suggests that the investors and traders are bearish on the 1-D time frame. The price action reflects a bearish perspective at the moment.
Technical Levels
- Support Levels: 0.90 NZD and 0.70 NZD.
- Resistance Levels: .11 NZD and 1.23 NZD.
Disclaimer
The analysis delivered in this article is for informational and educational objectives only. Do not depend on this information as financial, investment, or trading recommendations. Investing and trading in stock involves risk. Please assess your situation and risk tolerance before making any investment decisions.
Source: https://www.thecoinrepublic.com/2023/09/14/spy-stock-will-smartpay-holdings-change-the-game-in-2023/