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LegacyXChange, Inc. (LEGX)
It's time to get back in the swing of things. We've had an amazing first half of the week and we don't want anything to stand in the way of finishing strong. Friday we will be covering LegacyXChange, Inc. (LEGX) and if it's anything like what it was on Thursday (4/14), we could be in line for a serious runner coming Friday morning's opening bell.
Before we get into the technicals of this, we should make note of what LEGX is doing because it's focused on a niche market that could have some incredible potential simply because of the overall lack of market leading companies. LEGX is currently developing an online site for the trading of collectibles and memorabilia across numerous product categories.
Utilizing unique DNA authentication solutions to enable collectibles and memorabilia to be permanently marked through ink in a pen, our goal is to provide the ongoing ability to guarantee authenticity of items. All items marked with this technology will be sold as Original, directly from athletes and celebrities. The site will also allow third party collectible items to be listed and sold..
Believe it or not, the memorabilia business is a multi billion dollar industry. Just for example, according to a study done by SportsmeMorabilia.com, the market for licensed (unsigned) sports merchandise is $12 billion, with the autographed market estimated to be $1.5 billion. And where LEGX could capitalize is on the incredible amount of fraud that's at hand. There is an estimated $500 million lost annually to memorabilia!
How can LEGX do this? Just for starters, LEGX and SelectaDNA/CSI Protect are recently announced the successful effort to embed Synthetic DNA in ink used in a variety of writing instruments, ensuring athletes signatures against counterfeiting and ultimately preventing theft. Buyers of originally created collectibles from athletes on LegacyXChange will be assured of ongoing proof of authenticity through forensic analysis of the DNA.
At this point you may be thinking that this is great and all but "who would even know to use such a thing?" Well the MLB (Major League Baseball) might know a thing or two about legit memorabilia. LEGX announced on Thursday (4/14) that they will be providing their new DNA Pens created for each MAB Celebrity Services athlete at a signing event in Cooperstown during the National Baseball Hall of Fame Induction Ceremonies taking place from July 22nd through July 25th. MAB has a roster of baseball greats including 2016 Hall of Fame inductee Mike Piazza, as well as Hall of Famers Randy Johnson, Pedro Martinez, John Smoltz, Craig Biggio, Johnny Bench, Reggie Jackson, and many more!
LEGX Technicals
Besides having such a unique product and being a part of such a monumental time in sports history, this is just half of this story in our opinion. What has just recently happened this week could be the catalyst for a strong breakout trending heading into the Friday (4/15) open.
Pull up a chart and you should quickly see that LEGX has begun to see some serious momentum.
If you look above, LEGX could be a serious contender for a bull-flag breakout and Thursday's action may be the catalyst to spark a rally as early as Friday morning (4/15). Not only was there Big volume but due to the fact that LEGX moved up so high and closed back near it's previous inflection point, there could be a few things at play. First, potential for a large short could make this a candidate for a squeeze and second, despite that, late afternoon action on April 14th could suggest that LEGX may already be starting to see a reversal.
Finish Line Is Right In Front Of us
LEGX is our Friday (4/15) feature. There's a lot going on with this from a chart perspective and now LEGX's product will be used by some of the big names in sports specifically at a Hall of Fame signing event. Pair this latest news with the momentum that LEGX has begun to see and Friday could have a "perfect storm" brewing. Pull up LEGX and if you choose, be ready to trade at the opening bell Friday April 15.
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