Having a quick look at the current technical setup, Iam looking for further weakness in LPI in the short term as the hot money continues to exit the stock.
All three indicators have obviously rolled over at this point, with only the stochastics starting to head to 'over sold' territory. Iam looking for a price move back to the lower end of the current Fibonacci zone $0.335, with the high possibility of the 200 day MA being tested at $0.325.
It looks as though the broader market is going to assist with the downward pressure on price as the XJO sits at the low end of the 7 month trading band 6,650, with the real risk of breaking lower and sending the XJO to circa 5,400.
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