Let’s take a quick look at the Vection Technologies Ltd [ASX:VR1] share price, after the recent bolter continues to retrace.
The VR1 share price is down 3.85% to trade at 12.5 cents at the time of writing.
What has been happening at Vection Technologies?
VR1 is certainly an intriguing proposition, given its recent foray into the Italian healthcare system.
Its most recent quarterly highlights include the following:
- The company is pursuing opportunities in the healthcare, education and automotive sectors as well as the defence industry.
- VR1 aims to achieve 50% annualised recurring revenue (ARR) by June 2022.
- It has also forecast continued growth in Europe.
Where to from here for Vection Technologies?
At present, the company is holding a cash position of $2.267 million and recently secured $1.6 million in strategic funding.
Potentially a little light, given the lofty market cap of over $120 million
In Q1 FY21, VR1’s operating costs totalled $723,000.
From the low in March, the VR1 share price shot up to the all-time high of $0.24 before retracing 50% to sit at $0.12.
With the price moving up from here to where it is now, this may be a good sign as the 50% level can prove to be very strong.
Should the share price continue up from here, then the levels of $0.16 and $0.18 may provide future resistance.
On the downside, if the share price were to fall back, then the level of $0.11 may be enough to halt a further fall as it has proven to be strong in recent times.
For Money Morning