Aztech – [Bottomed Out? Potential Rebound?]
Chart Source: AdvisorXs 24th Aug 2021
Aztech one of Singapore’s leading design and electronics manufacturer. Its equipped with state-of-the-art equipment, driven by 4 R&D centres, with expertise in design, manufacturing and packaging to deliver a seamless, unified experience. Each and every time.
It recently reported a good set of results but despite that its price came down due to analysts remaining cautious amid operational risks arising from component shortages. Local brokerage houses has lowered their target price to an average of $1.78. The current price looks depressed as its down 30% since the high of $1.56.
Taking a look at the chart and from a technical analysis perspective, $1 would be a good psychological support and a good level to scale in or look for a trade. But what’s interesting for now is that it broke the $1.05 support, had a fake breakdown but recovered over the last few days. Interesting set up if you ask us. A good rebound might be seen over the couple of days if $1.05 manages to hold and the volume yesterday was also promising. Some upside resistance might be $1.15 then $1.18. Some resistance also could be at that downtrend resistance line.
Keeping a lookout for Aztech.