Lightspeed POS Inc. - (LSPD.TO) - June 18, 2021
Lightspeed POS (LSPD.TO) has returned to the Green Favored Zone of the SIA S&P/TSX Composite Index Report from a dip down into the red zone. It continues to move up in the rankings finishing yesterday in 43rd place, up 10 spots on the day and up 176 places in the last month.
A significant breakout is underway in Lightspeed POS (LSPD.TO) shares. For the last three months, the shares have been trending sideways between $67.00 and $93.50, digesting gains made in a previous rally. Yesterday, the shares broke out over $93.50 completing a bullish Ascending Triangle pattern and signaling the start of a new advance.
Next upside resistance may appear between the $100.00 round number and the previous peak near $105.00 set back in early February. Additional upside resistance may appear near $112.50 and $120.00 based on measured moves from the triangle. Initial support appears near the $93.50 breakout point then $89.00.
Lightspeed POS shares have spent the last few months in correction/consolidation mode, digesting the gains made in a previous high pole advance that took place between November and January. Last month, the shares bottomed out in a head fake, or bear trap where they took out their March low, triggering a bearish spread double bottom signal, then reversed back upward. This month, the technical picture has turned brighter with the completion of bullish Double Top and Spread Double Top breakouts indicating that accumulation has resumed.
Initial upside resistance may appear near the $100.00 round number, then the previous peak near $103.75, followed on trend by $116.85 and $124.00 both of which are based on horizontal counts. Initial support appears near $85.85 based on a 3-box reversal.
With its bullish SMAX score increasing to 8, LSPD.TO is exhibiting strength against the asset classes.
Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.