The Supply@Me share price has traded within a rising wedge for more than a month, and its prices are nearing what looks to be a major breakout point. In today’s trading session, the company’s price is down by 2 per cent, after opening the markets aggressively bearish and at one point falling by more than 5 per cent.
Despite being a small fintech company that provides an end-to-end inventory monetization model to companies in all industries, Supply@Me has continued to be a leader in its niche by helping to fund inventories through various methods, such as equity and debt. It has also introduced inclusive policies such as shariah-compliant financing tools that have helped it endear itself to the public and contributed to its growth.
However, in 2022, the company has been in an aggressive bearish trend, which has seen its value drop by more than a half year-to-date. Supply@Me has also been significantly affected by the current macroeconomic factors, including inflation, which has affected its bottom line despite maintaining strong positive consumer and investor sentiments.
For over a month, the Supply@Me share price has traded within a rising wedge, which has seen its prices gaining over 35 per cent. However, despite the recent push to the upside, the company has struggled throughout the year and has halved in value year-to-date.
Therefore, as the current prices continue to get near the end of the rising wedge, there is a high chance that the prices will break to the downside and set up another long-term bearish trend based on the current technical analysis data available. However, for the next few trading sessions, I expect the Supply@Me to continue rising within the wedge, and prices may go as high as 0.09 before the drop begins. A trade above the 0.1 price level will invalidate both my long-term bearish trend analysis and the short-term wedge trading.
This post was last modified on %s = human-readable time difference 13:41