LRC Technical Analysis: Price Has Already Hit the 52-Week High at $1.71; A Strong Bullish Sentiment

Let us look at the technical analysis of LRC.

Past Performance

The LRC opened for trade on October 27, 2021, at $0.428. As the later part of the previous week witnessed a breakout of the price, LRC closed on November 2, 2021, at $1.44. This resulted in a weekly change of 236.44%. The 24hr high was $1.71 whereas the 24hr low was $0.9307.

LRC Technical Analysis

The price has already hit the 52-week high at $1.71. A strong bullish sentiment in the market was seen in the last few days, however, the bears are gaining power today. This can be seen as the price is 9.66% down on a daily basis today at $1.2955. This is creating a dilemma for whether to take a long position or a short one. Let us look at what the indicators are showing.

The volume-based indicator OBV is showing that the buying and selling volumes are balanced today. This is putting neutral pressure on the price to go up or down.

LRC has created a record of $75 Million in trading volume in just 24 hours.

RSI is currently at 81.65%. It has bounced back from 93% level but is still in the overbought region. Here, it is a negative signal as it is on a downtrend, meaning that the price is losing its strength.

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The MACD is confirming the increase in price as a lagging indicator. This can be seen as both the MACD line and the Signal line are positive and the height of the histogram is increasing. This is a bullish signal.

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Day-Ahead and Tomorrow

FIB Retracement is showing that the price chart crossed all the present pivots, the last one being at $1.01.

Thus, the indicators are giving mixed signals. The price has already managed to cross the resistance at $0.447 and $0.516. Before that, it took support at $0.3624. The traders may hold their current positions while waiting for a clear signal from the market. Meanwhile, they can keep their target at $2 while keeping the stoploss at $1.145.