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Supply@Me (SYME) Shares Surge 10.4% As Buyers Step In at Key Support Level

Simon Mugo trader
Updated 7 Dec 2020

Practice Stock Trading
Supply@ME logo

Shares of Supply@Me Capital PLC (LON: SYME) today surged 10.4% extending Friday’s rally as buyers stepped in to keep the stock above its 20-day moving average and support zone, despite the lack of major announcements from the company.

SYME shares are trading near a major support level, which could explain today’s and Friday’s rallies as investors saw an excellent opportunity to accumulate a new position in the inventory monetisation company.

The company’s prospects appear quite promising given the multi-billion dollar opportunity present in the inventory financing niche, especially with the major disruptions brought about by the coronavirus pandemic.

Supply@ME is well-positioned to profit from the existing opportunity, given the strong regulatory background of its CEO and founder who recently confirmed that it would take the company approximately two weeks to gain regulatory approval in new countries.

The company also has the right technology framework to scale its business operations globally, while increasing profitability by selling off some of its closed deals to investors who want steady returns in future.

Investors seem to be catching up to the significant opportunity that Supply@ME presents, which could be the main driver behind the stock’s latest rally.

Supply@ME share price

Tradingview chart of Supply@ME share price 07122020

Supply@Me shares surged 10.4% today to trade at 0.435p having rallied from Friday’s closing price of 0.394p.

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Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading