The Loop Insight stock has been building a bull flag for the last five months within the yearly trend channel, and within the end of next week it seems the stock has to decide whether it intends to stay inside the long-term trend channel or dive outside it.
If it reacts downwards, it may go down to test the support at 1,30-1,35.
However, I think (and hope, since I have a position I intend to hold long-term) we get a decisive break at the upside. Especially since the company released some very favorable news this week, that somehow fizzled out in no reaction whatsoever, perhaps due to the general market sentiment yesterday (and for Nasdaq/tech-stocks especially).
Im looking for some sideways chopping until next week that gives the daily stochastic indicator time to go down and re-charge, hopefully followed by a strong move up, up and away. But of course - make your own analysis and invest after your own conviction!
If it reacts downwards, it may go down to test the support at 1,30-1,35.
However, I think (and hope, since I have a position I intend to hold long-term) we get a decisive break at the upside. Especially since the company released some very favorable news this week, that somehow fizzled out in no reaction whatsoever, perhaps due to the general market sentiment yesterday (and for Nasdaq/tech-stocks especially).
Im looking for some sideways chopping until next week that gives the daily stochastic indicator time to go down and re-charge, hopefully followed by a strong move up, up and away. But of course - make your own analysis and invest after your own conviction!
Also note Loop Insights have broken out - and back-tested - on it`s american listing, but the since the volume is only a fraction compared to the Canadian issue, I rely more upon whats happening in Toronto.
We will see in the coming days if the BO sticks and if the stock starts to run ahead to its indicative target of approx 3,8.