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LMIR: Distribution.

Friday, June 25, 2010


LMIR's volume expanded today as price fell to close at 47c.  Momentum oscillators, MFI and RSI, have formed lower highs and lower lows as the price continued to be resisted by the merged 100d and 200d MAs. I have mentioned a few times before that, of late, LMIR has been rising on weak technicals and, therefore, I would not add to my long position yet.




47c is a many times tested support level, a support level that gave way on 19 May.  At the moment, this support level is underpinned by the rising 20dMA and might be a tad stronger than it was back in May. If 47c gives, the next major support is at 45c.

The MACD has completed its turn down and seems set to form a bearish crossover with the signal line.  If it does this and goes below zero once more, the recent upmove in LMIR's price would be nothing more than a rebound in a downtrend which started in January this year.

I would keep an eye on the momentum oscillators at the same time as they could be predictive if we spot divergences. I still like this REIT's fundamentals and will wait for a more opportune time to load up.

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