Stellar’s Lumen Technical Analysis – Resistance Levels in Play – 22/02/19

Bob Mason
Updated
0

Key Highlights

  • Stellar’s Lumen tumbled 5.36% on Thursday. Reversing a 3.4% rise from Wednesday, Stellar’s Lumen ended the day at $0.08916.

  • A mid-morning intraday high $0.09647 saw Stellar’s Lumen come up against the first major resistance level at $0.0964 before hitting reverse.

  • A late afternoon intraday low $0.0884 saw Stellar’s Lumen fall through the day’s first major support level at $0.0900.

  • The bearish trend remained intact, with Stellar’s Lumen continuing to fall short of the 23.6% FIB Retracement Level of 0.1369, following February’s new swing lo $0.07731.

How to Buy Stellar’s Lumen

Stellar’s Lumen Price Resistance

Stellar’s Lumen fell by 5.36% on Wednesday. Reversing a 3.4% rise from Wednesday, Stellar’s Lumen ended the day at $0.08916.

A bullish start to the day saw Stellar’s Lumen rally to a mid-morning intraday high $0.09647 before hitting reverse.

Coming up against the first major resistance level at $0.0964, Stellar’s Lumen succumbed to pressure from the broader market. The reversal saw Stellar’s Lumen slide to a late afternoon intraday low $0.0884 before steadying.

The sell-off saw Stellar’s Lumen fall through the first major support level at $0.0900 and close out the day at sub-$0.0900 levels for the first time since Monday.

Thursday’s pullback cut the current week’s gain to 9.99%.

The extended bearish trend remained intact, in spite of the current week’s gains. Stellar’s Lumen continued to fall well short of the 23.6% FIB Retracement Level of $0.1310. For the bulls, recovering the current year loss of 21.18% to take a run at the 23.6% FIB of $0.1310 would be needed for a near-term bullish trend formation.

At the time of writing, Stellar’s Lumen was up by 2.4% to $0.09130. A bullish start to the day saw Stellar’s Lumen rise from a morning low $0.09051 to a morning high $0.09191. The day’s major support and resistance levels were left untested early on.

For the day ahead, a move through the morning high would bring the first major resistance level at $0.0943 into play before any pullback. We would expect Stellar’s Lumen to come up short off the second major resistance level at $0.0994 in the event of a breakout. Thursday’s high $0.09647 will likely pin Stellar’s Lumen back on the day.

Failure to move through the morning high could see Stellar’s Lumen give up more of the morning’s gains. A pullback through the morning low $0.09051 would bring sub-$0.90 levels and the first major support level at $0.0862 into play before any recovery. We would expect Stellar’s Lumen to steer clear of the second major support level at $0.0833 in the event of a sell-off.

Looking at the Technical Indicators

Major Support Level: $0.0862

Major Resistance Level: $0.0943

23.6% FIB Retracement Level: $0.1310

38% FIB Retracement Level: $0.1643

62% FIB Retracement Level: $0.2180

This article was originally posted on FX Empire

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