October 3, 2016

Lending Club (LC) Inching Its Way Up?

Here's a quick Monday stock pick - Lending Club (LC).


This peer-to-peer lending company, by the looks of its stock chart, could be changing its course after more than a year of sloping downward. Based on my technical analysis, Lending Club was able to break out from its 20-month downtrend last August. From there on, it slowly moved its way up in an ascending channel or trading range. At present, LC is consolidating to what could be a pennant formation. A breakout from this could swing the stocks all the way above the $7.00 level. However, there could be some significant selling pressure at the 200-day moving average on the way up. On the flip-side, a breakdown from the mentioned chart pattern could slide the price down to the 50-day moving average. The next support after that could be the 5-month trading range.

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