Shares of GSTechnologies Ltd (LON: GST) continue trending downwards after peaking in mid-February, and many investors wonder whether the shares can reverse course and head higher.
The current setup in the company’s share price chart looks quite bearish given that the shares have kept falling despite the fintech company announcing an agreement with Wise MPay Pte Ltd to enhance its blockchain and new technology development capabilities.
The fintech company’s shares sprung onto the markets in mid-January when they inexplicably exploded higher. I covered the move in my first article on the company, which was focused on building technology networks in Singapore and other Asian countries.
Since then, the company has pivoted to the blockchain sector serving the banking and wider financial services industry.
Tone Goh, GSTechnologies Chairman, said: “I am pleased to report that we continue to make good progress towards our goal of significantly enhancing our current offering through the application of blockchain technology,”
“Agreeing terms with Wise MPay is a significant step, and we look forward to working with them and entering into a definitive agreement in due course.”
The momentum surrounding the company seems to have died down as investors barely reacted to its latest announcement. However, there are multiple investment opportunities in the blockchain sector, and GSTechnologies is well-positioned.
Investors are waiting for a significant announcement from the company, be it stellar earnings or invest in line with current market trends in the blockchain sector that could trigger the next rally.
Until then, nothing is standing in the way of the current downtrend at the moment since the stock has broken below the previous support level.*
*This is not investment advice.
GSTechnologies share price.
GSTechnologies shares have been trending lower since hitting all-time highs in February. Can they reverse course?
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