Daily Stock Report

Lightspeed POS Inc. - (LSPD.TO) - November 6, 2020 

Since we last mentioned Lightspeed POS* (LSPD.TO) in the July 3rd issue of the Daily Stock Report, the shares have climbed 43.0%. Yesterday it continued its recent move up within the Green Favored Zone of the SIA S&P/TSX Composite Index report, climbing 22 spots to 4th place. 

While Lightspeed POS* (LSPD) shares have been under renewed accumulation since March, their upward trend has now clearly accelerated. A number of bullish indicators aligned yesterday to signal increased investor interest and the start of a new advance including: breakouts over both $45.00 and $50.00, a breakaway gap to the upside, and a rally to a new all-time high, all occurring on a spike in volume. 

Measured moves suggest next potential upside resistance tests on trend may appear near $60.00, $62.50, or $70.00. Initial support moves up to the $50.00 breakout point, then the top of the gap near $48.00.   

*Shares of Lightspeed POS are held in portfolios managed by SIA Wealth Management.

Lightspeed POS* (LSPD.TO) staged a major breakout yesterday, not only completing a bullish Double Top pattern but also clearing its August 2019 previous peak to trade at a new high, and confirming the start of a new upleg by clearing the $50.00 round number hurdle. 

Next potential upside resistance appears near $59.60, then $67.15 based on vertical and horizontal counts. Initial support appears near $47.95 based on a 3-box reversal and a retest of the recent breakout point.

With a bullish SMAX score of 8, LSPD.TO is exhibiting near-term strength against the asset classes. 

*Shares of Lightspeed POS are held in portfolios managed by SIA Wealth Management.

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