LifeApps Brands Inc (OTCMKTS:LFAP) meteoric rise to record highs continues to take the market by storm. A 1400% spike since the start of the year all but affirms the stock’s breakout credentials on the back of improving fundamentals.
LFAP Share Price Analysis
The rally has come on the company announcing plans to create a first of its kind LGBT Loyalty index traded fund. Investors have also continued to push the stock up the charts on the confirmation that a former U.S congressional representative is poised to serve in the company’s board of directors.The company delivering financial and marketing platforms for the LGBTQ community has to be the key trigger behind the stock’s explosion in the market. The stock is currently trading in a steep uptrend. Pullbacks have so far emerged as buy opportunities from where bulls have come in and continued to push the stock up.A spike to the $0.16 handle means the stock faces strong support at the $0.10 level on pullbacks. Above the critical support level, LifeApps Brands remains well positioned to continue powering high especially on pullbacks. LFAP Daily ChartA sell-off followed by a close below the $0.10 level, on the other hand, could give short sellers a reason to come in and continue pushing the stock lower. Below the $0.10 mark, LifeApps Brands would be susceptible to further drops probably back to the $0.06 level, a critical support level.If recent price action is anything to go by, then LifeApps Brands remains well positioned to continue climbing the ladder in line with the long-term bullish trend.
About LifeApps Brands
LifeApps Brands is a licensed developer and publisher of applications targeting various platforms such as Apple’s iOS and Google’s Android. In the recent past, the company has sought to diversify its offerings by focusing on coming up with financial and marketing solutions for the LGBTQ community.
LGBTQ Index Fund
LifeApps Brands is skyrocketing following the acquisition of LGBT Loyalty LLC as it continues to strengthen its prospects as a digital media company. With the acquisition, the company intends to come up with an LGBT Loyalty Index Traded Fund. The company has since entered into a letter of intent agreement with ProcureAM LLC for the creation of the proposed index fund.ProcureAM is tasked with the responsibility of licensing the index and providing specific services for the proposed ETF.
“We are excited to start this new venture with our first PAL partner. We believe LifeApps' unique strategy will not only create a benchmark for purchasing/loyalty preferences but also help to promote social and human rights causes for which LifeApps and its affiliates have championed for years,'' said Andrew Chain, CEO of Procure AM.
According to the Chief Executive Officer, LGBT Loyalty acquisition presents a tremendous opportunity to impact the LGBTQ community. The index fund that the company is preparing will be the first to survey public companies that best support the community. The company is planning to leverage the $917 billion LGBT consumer power, with the new fund.
“Connecting the world's most supportive LGBT companies to the dynamic loyal and time-tested spending power of the LGBT community is a consequential step forward for the LGBT movement and investing community,'' said Bobby Blair, CEO of LifeApps.
Even as the company continues to work on an index fund targeting the LGBTQ community it also continues to strengthen its management hierarchy. The company has since confirmed the appointment of Barney Frank, a former U.S congressional representative into the board.Mr. Frank joins the company with vast experience when it comes to serving the LGBTQ community. He will be looked upon to provide exemplary leadership in managing the LGBTQ Loyalty Index Traded Funds.
Bottom Line
LifeApps Brands meteoric rise to all-time highs is showing no signs of cooling off. The stock is climbing the ladder on the back of high turnover in traded shares. Given that the LGBTQ index Fund news is already priced in, a little bit of caution is essential going forward. The stock is an ideal pullback play given the gigantic rise to all-time highs. Pullbacks should continue to excite buyers especially those who missed the initial spike.We will be updating our subscribers as soon as we know more. For the latest updates on LFAP, sign up below!Disclosure: We have no position in LFAP and have not been compensated for this article.
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