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Just like LMIR, SPH spots a bullish reversal signal. In this case, it is a doji. Technically, it is less bullish than a white hammer but it might work.
The declining 20dMA will very likely form a dead cross with the 50dMA soon. The 50dMA should cap any rebound in price at $3.91. A lower high was formed earlier this month at $3.95 and this would be the next resistance level in case the 50dMA resistance is taken out.
MFI has been forming lower highs and dipped into oversold territory recently. OBV has been in decline. The MACD is still declining in negative territory. The bearish picture is obvious. There would probably be a lower entry price to go long on this counter. I would wait and see.
Related post:
SPH: Another black candle day.
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