Chart of the Day: Open Lending Corp (LPRO)

Open Lending Corp (LPRO) is a leading provider of loan analytics, risk-based pricing, risk modeling and default insurance to auto lenders throughout the United States. The company recently signed Sound Credit Union, a $2.1 institution, to its flagship product, Lenders Protection™…

Take a look at the 1-year chart of LPRO below with the added notations:

Chart of LPRO provided by TradingView 

While climbing a trendline of support (blue), LPRO had also formed an important level of resistance at $23 (green). After hitting that $23 mark, again, in the middle of last week, the stock finally popped through it on Friday.

A long trade could be entered at or near $23, as resitance should now act like support, with a stop placed under the point of entry. However, if the $23 mark were to fail as support, lower prices could follow instead.

Have a good trading day!

Christian Tharp, CMT

@cmtstockcoach