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LMIR: Gravestone doji.

Wednesday, July 7, 2010

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.

FSL Trust: Above the 20dMA.

FSL Trust, for the first time since 23 April, closed above the 20dMA which is currently at 38.5c. Bollinger bands are squeezing which indicates the possibility of a big move in either direction.  In this case, chances are the move would be positive.




Momentum oscillators continue to rise.  The MFI has formed another higher low as it rises above 50%.  Demand is back. RSI too formed a higher low which suggests that price is rising at a good pace. OBV is flattish which suggests a lack of heavy distribution.  Perhaps, the sellers are done selling.  MACD continues to rise above the signal line but is still in negative territory.  This could just be a rebound.  Although volume increased today, it is rather modest compared to the volumes on the black candle days which sent the price down to where it is today. Volume will have to expand more meaningfully in future sessions to try and push the price higher.

The low of 11 Jun at 36c could indeed have been the bottom.  However, we need confirmation in the next session that the 20dMA at 38.5c is indeed resistance turned support. Once confirmed, price could possibly rise to close the gap at 43.5c which approximates the declining 50dMA if momentum remains positive.

Related post:
FSL Trust: Land ahoy?


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