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After a valiant attempt to break out of resistance in late June as price hit a high of 48.5c, LMIR has retreated to close at 46.5c today, forming a gravestone doji in the process. This took place after a session of high volume buy ups yesterday when a white candle was formed but ultimately, the price was resisted by a combination of the 20d and 50d MAs at 47c.
It is clear from the OBV that since hitting a high of 48.5c on 22 Jun, there has been greater distribution than accumulation of units of LMIR. The RSI has been forming lower highs which suggests a sustained momentum in the price decline. The MFI enjoyed a brief bump upwards yesterday as volume rose on a white candle day. It has, however, turned down again today. The MACD is below the signal line and looks set to cross into negative territory. The technicals are, undoubtedly, bearish.
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