The stock price of Lifelogger Technologies Corp (OTCMKTS:LOGG) started the week on a strong note and extended gains in last trading session. On Monday, the stock picked up and gained almost 22% to close the day at $0.4588. The gains extended in last trading session as the stock jumped over 2% to end the trading session at $$0.470. There was considerable buying increase in the stock as the daily volume recorded was 1.55 million compared to the monthly average of 528,530.
The recent movement in the stock has been more than impressive. Lifelogger stock was trading close to 30 cents last week, and now it is well above the $0.45 mark. However, it warrants caution as there is no evident reason for the recent surge in stock. The last official PR came some four months ago, in March wherein the company informed that it will continue to trade on the OTCQB platform.
Delay in product release
There is no doubt that Lifelogger business plan is extremely appealing. It is trying to make a wearable camera that will enable the users to click and save videos and pictures. Unfortunately, the hyped product have been delayed a number of times. The corporate presentation made on May 19, 2015 disclosed that company is still delaying the deadline for the wearable camera. They even didn’t disclose any specific dates for release of wearable camera.
Also, the private beta of the related software was planned to be launched in 2Q2015 with an open beta phase to come in the third quarter. As of now, it seems extremely tough to see Lifelogger following its schedule. At the same time, the latest quarterly report highlights a dismal picture. The company generated no revenue in last quarter and net loss was $290,000.
Lifelogger Technologies Corp (OTCMKTS:LOGG) managed to close 2.44% higher compared to the previous day’s closing but the intraday price action raised doubts over the strength of the bulls. Considering the larger trend, the price action of the last session might be taken as a correction in the extreme short term and nothing more. The volume of 1.5 million against the much lower daily average of 543,000 may turn out to be a bit uncomfortable for the bulls but a new swing high in the area of $0.50-$0.55 looks almost certain, where a bout of profit booking would not be much unexpected.