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Is Supply@Me a good penny stock for 2023?

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Supply@me (LON: SYME) share price has been in a consolidation phase in the past few days as investors wait for a new catalyst. The penny stock was trading at 0.080p, where it has been in the past few weeks. This price is about 66% below the highest level in 2022, giving it a market cap of over 45 million pounds.

Is SYME a good buy in 2023?

Supply@Me Capital is a small London-based fintech company that provides solutions to monetize its inventories. It provides its solutions to companies in the manufacturing and trading sectors.

Supply@Me operates its solutions through TradeFlow, where it acts as an Investment Advisory Company. Through its local subsidiaries, the company acts as an inventory servicer, where it leverages its balance sheet. The firm raises capital from equity investors and dent investors as well.

SYME share price has consolidated recently as investors react to the relationship with VeChain, a company that leverages blockchain to provide supply chain solutions. The partnership had two phases, with the first one being the inaugural IM transactions. The second phase of the transaction was the assessment of the process designed to link digital assets to the real economy.

In a recent statement, the company said that the total value of initial warehoused goods was about 1.6 million euros, with the counterparty being a major player in Europe. The two companies are now implementing the second phase of the transaction.

It will involve assessing the process of linking digital assets to the real economy, creating a governance protocol, and deploying multiple liquidity providers to deploy new IM transactions.

The success of these processes could have an impact on the Supply@Me share price in 2023. However, from an investment standpoint, I believe that the company is a bit risky to have as a long-term investment.

Supply@Me share price forecast

supply@me share price

SYME stock chart by TradingView

The daily chart shows that the SYME stock price has been in a tight range in the past few days. In this period, the stock has continued consolidating at the 25-day and 50-day moving averages. The Relative Strength Index (RSI) has moved to the neutral point.

It has also formed a head and shoulders pattern. Therefore, there is a likelihood that the shares will have a bearish breakout in 2022 as sellers target the next key support level at 0.060p. A move above the resistance point at 0.095p will invalidate the bearish view.

The post Is Supply@Me a good penny stock for 2023? appeared first on Invezz.

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