Shares of GSTechnologies Ltd (LON: GST) edged higher as bullish investors defended a crucial support level in an attempt to turnaround the company’s fortunes.
The integrated information and communication technology infrastructure solutions company unveiled its new corporate strategy at the beginning of the month with a dual focus on disruptive blockchain technologies and its existing IT infrastructure business.
Investors are watching to see if the downtrend that begun in mid-February has finally run its course so that a new rally phase can begin. It appears the bears are running out of steam as the shares have been trading above the current support level for a while.
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A significant positive development could trigger a new rally phase given that the latest announcements have had a minimal impact on the company’s share price.
GSTechnologies recently incorporated its GS Fintech subsidiary in the UK and Singapore and appointedJack Bai and Shayne Tan as executive directors to lead its forays into the blockchain services domain.
The company intends to launch a money remittance service in the UK once its application for an Authorised Payment Institution (“API”) licence is approved by the UK’s Financial Conduct Authority (FCA).
The firm will build the new service on the Coalculus blockchain platform, owned by Jack Bhai’s Wise Mpay company, with extensive Southeast Asia operations.
A major announcement from the company could trigger a significant rally, and we’ll be monitoring the stock for such news.
GSTechnologies share price.
GSTechnologies shares price has been trading off the critical support level above for the past month. When will they rally?