Despite the company announcing a crucial deal with hotel industry suppliers, Symphony Environmental Technologies plc (LON: SYM) share price fell from its opening highs.
Symphony just signed a distribution contract with Faust Innovations, a company that supplies hotel amenities, consumables, innovative cleaning tools, and disposable medical products.
Faust Innovations was founded in 2017 by Henry Uscinski, the founder of Asia Capital Development Group, and Roberto Fama, an Italian entrepreneur who is also the founder of “Art of Hospitality”, a group of companies that supplies hotels and provides HR services.
Faust Innovations will sell finished products incorporating Symphony’s d2w and d2p technologies.
The partnership will give Symphony Environmental access to over 500 suppliers and customers in the medical device fields and hotel consumables sectors.
Michael Laurier, Symphony Environmental’s CEO, said: “Symphony provides a wide range of innovative products under its d2w and d2p brands, which will be very useful in the hospitality industry.”
Adding:
“We are pleased to be working with two very experienced businessmen who are well placed to introduce our products to this important market, initially in Japan, Thailand, the UAE and Hong Kong. We wish them every success.”
From a technical perspective, Symphony Environmental shares have been trading below the crucial 29p resistance level in place since September 2020. I would like to see a break above the level before opening any bullish positions on the stock.
Meanwhile, I would stay away from the stock at current levels. However, aggressive traders may open bullish positions at the 24.78p level, which has been a support level since August 2021.
*This is not investment advice. Always do your due diligence before making investment decisions.
Symphony Environmental share price.
Symphony Environmental share price fell 3.25% from its opening price after a gap up on today’s news.
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