Lightspeed Commerce Inc (LSPD.TO) - November 24, 2023
Payments software producer Lightspeed Commerce Inc (LSPD.TO) has soared up the rankings in the SIA S&P/TSX Composite Report lately, leaving the red zone, driving up through the yellow zone and returning to the
Favored zone for the first time since July of '22, In the last month, LSPD.TO has popped 119 spots to 57th place.
A summer selloff in Lightspeed Commerce Inc (LSPD.TO) shares was successfully contained earlier this month at previous lows near $17.50. Earlier this month, the shares came under renewed accumulation, kicking off with a breakaway gap to the upside on an uptick in volume that regained the 50-day moving average, all signs of renewed interest. Since then, the shares have continued to climb, advancing on $22.50 and snapping downtrend lines.
Initial upside resistance appears in the $26.00 to $26.50 area, then the $31.00 - $32.00 zone based on previous peaks. Initial support appears near $20.00 and the moving averages.
After steadily declining through 2022, Lightspeed Commerce Inc (LSPD.TO) has spent 2023 trending sideways between $17.50 and $25.00. Earlier this month, the shares successfully retested support at the bottom of this range. Since then, LSPD.TO has been on an upswing, completing bullish Double Top and Spread Double Top breakouts and rallying up toward $22.50.
Initial upside resistance appears near $24.95, the top of the current range. A close above there would signal the start of a new uptrend. Next potential resistance after that appears near $25.95 and $27.55 on trend. Initial support appears near $20.85 based on a 3-box reversal.
With a bullish SMAX score of 7, LSPD.TO is exhibiting strength against the asset classes.
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