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Publishing Co. Rated an 'Interesting Speculative Play'

Source: Clive Maund

 

September 16, 2022 (Investorideas.com Newswire) After a relatively big buyer appeared a week ago and bought a lot of stock from Legible Inc., expert Clive Maund believes something may be on the horizon for the publishing company.

Legible Inc. (READ:CSE; LEBGF:OTC; D0T:FSE) is a publishing company that connects authors and readers through open access to a global reading and publishing platform. It sounds like quite a good business to be in, especially with climate lockdowns looming.

The stock chart is relatively simple and easy to interpret.

The 1-year chart shows all the history of the stock, and on it, we see that immediately after it came to market, it went into a severe bear market that ended when it hit a very low level at CA$0.085 in May of this year, although it did drop a little lower in June when it hit CA$0.08 briefly, but from May the stock went into a basing pattern which is best described as a flat Pan base that has persisted up to the present.

Essentially, this stock started life by going straight into a Stage 4 bear market which took it down to such a low level - it lost over 90% of its value - that it couldn't really go any lower without going bust, and its only other option was to trundle sideways marking out a low base, which is what it has done.

The reason that we are looking at Legible here is that a relatively big buyer showed up about a week ago and bought the stock aggressively for a couple of days, which we can see from the heavy volume that drove up the volume indicators.

Since there is no smoke without fire, we can reasonably presume that this buyer knows something.

This buying has not so far triggered a breakout from the base pattern because there was overhanging supply to be drained off, but it is clear that if such buying continues, it will trigger a breakout.

On the 6-month chart, we can see the action this month in more detail and how the heavy buying did trigger a big up day, but as it did not result in a breakout from the base pattern, we classify it as a "preliminary" breakout that, should the interest continue, can be expected to lead to the real thing probably soon, a breakout that holds and ushers in a new bull market in the stock.

Legible Inc. is therefore regarded as an interesting speculative play at the current low price that has the potential for big percentage gains if it works out. The stock does not appear to be traded on U.S. markets. The company is commended on obtaining its most apt stock code.

Legible Inc.'s website.

Legible Inc. closed at CA$0.11 on September 9, 2022.

CliveMaund.com Disclosures

The above represents the opinion and analysis of Mr. Maund, based on data available to him, at the time of writing. Mr. Maund's opinions are his own, and are not a recommendation or an offer to buy or sell securities. Mr. Maund is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in his reports. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund's opinions on the market and stocks can only be construed as a solicitation to buy and sell securities when they are subject to the prior approval and endorsement of a Registered Securities Advisor operating in accordance with the appropriate regulations in your area of jurisdiction.

Disclosures
1) Clive Maund: I, or members of my immediate household or family, own securities of the following companies mentioned in this article: None. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: None.

2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees. As of the date of this article, an affiliate of Streetwise Reports has a consulting relationship with: None. Please click here for more information.

3) Statements and opinions expressed are the opinions of the author and not of Streetwise Reports or its officers. The author is wholly responsible for the validity of the statements. The author was not paid by Streetwise Reports for this article. Streetwise Reports was not paid by the author to publish or syndicate this article. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.

4) This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.

5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Legible Inc., a company mentioned in this article.

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