The Cellular Goods share price has spiked nearly 55% as of writing on the back of significant demand today on the London Stock Exchange.
After a sustained downtrend, the Cellular Goods share price started seeing a turnaround after being named the official wellness partner of the GQ Heroes business summit in mid-July. In addition, the company operates with social media influencers, many of whom were engaged during this summit to reach more than 1.35 million followers.
Cellular Goods has a range of skin-care products targeted at reducing the impact of the ageing process. The latest product range is the mini-size formats of two of its Look Better range of cannabinoid face serum and moisturizer products.
The company has been seeing some quiet but relevant investor interest after it reported in July that it was seeing “significant” brand awareness from its marketing campaigns.
Technically speaking, the upsurge is coming after the stock bottomed out in July 2022, following a sustained downtrend that saw the stock drop more than 90% from a November 2021 high of 11.70p to an all-time low of 1.00p. The stock had traded as high as 29.00p in its listing month (February 2021).
Cellular Goods Share Price Forecast
The Cellular Goods share price spike has taken it beyond the 1.508 and 1.881 resistance levels, putting it on course to challenge the resistance at 2.245 (6 June 2022 high). A break above this level targets 2.486 (6 May 2022 high), with the 3 May 2022 high at 2.758, completing potential short-term harvest points.
On the other hand, a rejection at the 2.245 resistance allows for a retracement that targets the 2.000 psychological support (the site of the 24 May/9 June highs). A further dip challenges the 1.881 price mark (10 June 2022 high) before 1.753 emerges as a potential harvest point for the bears. Additional support comes in at 1.508 and 1.299, where the previous low of 1 August 2022 is found.