Stellar’s Lumen Recap
Stellar’s Lumen bucked the trend on Saturday, rising by 0.56%. Following on from a 1.8% gain on Friday, Stellar’s Lumen ended the day at $0.070205.
A 3rd consecutive day in the green reduced the weekly deficit to just 0.48%.
It was a choppy start to the weekend for Stellar’s Lumen. A mid-morning high $0.069994 saw Stellar’s Lumen come within range of the first major resistance level at $0.0703 before hitting reverse.
The reversal saw Stellar’s Lumen slide to a late morning intraday low $0.067556. Stellar’s Lumen fell through the first major support level at $0.0684 to come within range of the second major support level at $0.0672.
On the rebound through the rest of the day, Stellar’s Lumen struck a late intraday high $0.070858 before easing back.
The rally saw Stellar’s Lumen break through and hold above the first major resistance level at $0.07030.
The extended bearish trend remained firmly intact. Stellar’s Lumen continued to fall short of the 23.6% FIB of $0.12220 following a pullback from $0.13 levels back in late June. Stellar’s Lumen fell to a new swing low $0.065751 on 22nd August.
A particularly bearish July and August saw Stellar’s Lumen slide further back from the 23.6% FIB. For the current month, Stellar’s Lumen was down by 16.1% to the end of Saturday. The slide comes off the back of a 19.3% tumble in July.
While the broader market has had a strong first 8-months of the year, it’s been particularly bearish for Stellar’s Lumen. Year-to-date, Stellar’s Lumen was down by 37.9% to the end of Saturday.
At the time of writing, Stellar’s Lumen was up by 2.08% to $0.071712. A mixed start to the day saw Stellar’s Lumen slide to an early morning low $0.067756 before finding support.
Stellar’s Lumen fell through the first major support level at $0.06840 before rebounding to a mid-morning high $0.071712.
Stellar’s Lumen broke through the first major resistance level at $0.0715 on the rebound.
For the day ahead
Stellar’s Lumen would need to hold onto $0.0710 levels to support a breakout from the first major resistance level at $0.0715.
A morning breakthrough to $0.0718 levels would bring the second major resistance level at $0.07270 into play before any pullback.
We would expect Stellar’s Lumen to come up short of $0.0730 levels, however, in the event of an extended rally.
Failure to hold onto $0.0710 levels could see Stellar’s Lumen join the broader market in the red. A fall through to $0.06950 would bring the first major support level at $0.06840 into play before any recovery.
Stellar’s Lumen should steer well clear of the second major support level at $0.0665 in the event of a reversal.
Looking at the Technical Indicators
Major Support Level: $0.06840
Major Resistance Level: $0.07150
23.6% FIB Retracement Level: $0.1222
38% FIB Retracement Level: $0.1571
62% FIB Retracement Level: $0.2136
The article was written by Bharat Gohri, Chief Market Analyst at easyMarkets
This article was originally posted on FX Empire
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