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Lightspeed Commerce Inc. (LSPD.TO) - December 20, 2023

At SIA Charts, we compare head-to-head battles of thousands of stocks, commodities, mutual funds and exchange traded funds daily and rank them by who is winning the most in their respective universes. The top 25% are considered the Green Favored Zone, 26-50% make up the Yellow Neutral Zone and the bottom half of each league table is considered the Red Unfavored Zone. With the exception of a few brief upswings, e-commerce and point of sale transaction processing software producer Lightspeed Commerce (LSPD.TO) spent most of the last two years stuck in the red zone of the SIA S&P/TSX Composite Index Report. Since the beginning of November, LSPD.TO has climbed back up the relative strength rankings and recently returned to the Green Favored Zone for the first time since July of 2022. Yesterday, Lightspeed finished in 24th place, up 9 spots on the day and up 36 positions in the last month. Falling off from a September 2021 peak near $165.00, Lightspeed Commerce (LSPD.TO) shares spent 2022 under distribution. Downward momentum slowed toward the last year and this year the shares shifted into a sideways trend, building a long base between $17.50 and $25.00. The rally up off of the last successful retest of $17.50 support in late October initially looked like another upswing within the range, but this week, the shares have blasted through $25.00, completing the base and signaling that a recovery trend may be getting underway. Initial upside resistance may appear near the $30.00 round number, followed by $32.50 where a measured move and previous highs converge. Initial uptrend support appears near $23.50.

After steadily declining through 2022, Lightspeed Commerce (LSPD.TO) bottomed out and built a base for recovery. Through several successful tests of support near $17.10, the shares build a base for recovery which they launched up off of in early November. For the last six weeks, the shares have consistently advanced without even a 3-box correction along the way, completing bullish Double Top and Spread Double Top breakouts. Recently, the shares blasted through $24.00 to complete their big base and signal the start of a new recovery trend with a rare, bullish Spread Quadruple Top breakout. A cluster of vertical and horizontal counts around the $30.00 round number suggests initial resistance may appear in the $29.80 to $30.40 area, with additional resistance possible at previous column highs near $31.65 and $32.90 on trend. Initial support appears near $23.50 based on a 3-box reversal.

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