Lombard Risk Management: Bull flag higher targets towards 20p

1 mins. to read
Lombard Risk Management: Bull flag higher targets towards 20p

For some reason, over the past couple of weeks it has been rather difficult to latch on to ultra bullish charts. But at least with Lombard Risk Management (LON:LRM) the bulls have a worthy-looking contender.

It is almost with a sense of relief that one can look at the bullish setup on the Lombard Risk Management daily chart. This is said in the wake of the latest fundamental plus points delivered by the software group. Here the group can boast that its cash position, revenues and profits are ahead of expectations, with the former standing at £7m.

This is all the more impressive given that the company is coming off the back of a period of investment in terms of driving growth. It will be interesting to see if the shares squeeze higher over the next month ahead of the full year results due out at the end of May.

Getting back to the daily chart, and we are looking at an extended turnaround, one which has been in place since this time last year. For this year the highlights are the recovery of the 200 day moving average and for this month a higher low above this feature at 8.45p. The view now is that provided there is no weekly close back below the April intraday support at 10p a best case scenario target of 20p at the top of last year’s trend channel is expected over the next 2-3 months.

LRM chart

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