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.
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.
