Stellar’s Lumen Technical Analysis – Back in the Bear Trap – 20/06/18

Key Highlights

• Stellar’s Lumen gained 1.09% on Tuesday, following Monday’s 1.83% rise, to end the day at $0.23412.
• A morning pullback to an intraday low $0.22986 saw Stellar’s Lumen hold well above the day’s first major support level at $0.2212.
• An afternoon rally saw Stellar’s Lumen move through to an intraday high $0.24236 to test the first major resistance level at $0.2431 before easing back to $0.23 levels by the day’s end.
• In spite of the gains, Stellar’s Lumen continued to fall well short of the 23.6% FIB Retracement Level of $0.2648, supporting the extended bearish trend.

How to Buy Stellar’s Lumen

Stellar’s Lumen Price Support

Stellar’s Lumen gained 1.09% on Tuesday, following on from Monday’s 1.83% rise, to end the day at $0.23412.

Following the broader market, Stellar’s Lumen fell to an intraday low $0.22986 in the early part of the day, the morning’s low holding well above the first major support at $0.2212.

A late morning recovery saw Stellar’s Lumen rally through to an intraday high $0.24236 to test the day’s first major resistance level at $0.2431 before pulling back to sub-$0.23 levels by the day’s end, the failure to break through the first major resistance level to take a run at the 23.6% FIB Retracement Level of $0.2648 continuing to support the extended bearish trend formed at late April’s swing hi $0.46547.

At the time of writing, Stellar’s Lumen was down 2.82% to $0.22772, with Stellar’s Lumen pulling back from a start of the day $0.23657 high to a morning $0.22206 low, in what’s been a relatively choppy start to the day, Stellar’s Lumen falling through the first major support level at $0.2285 and second major support level of $0.2229 before a partial recovery through the morning.

For the day ahead, a move through to $0.2354 would support a run at the day’s first major resistance level at $0.2410, though with the broader market sitting deep in the red at the time of writing, Stellar’s Lumen will likely struggle to break through to $0.24 levels through the day, the early pullback to sub-$0.23 levels continuing to point to a possible near-term sub-$0.20 low before any meaningful recovery.

Failure to break back through to $0.23 levels would likely see Stellar’s Lumen take a bigger hit later in the day, with the second major support level at $0.2229 in back in play through the afternoon before any recovery.

Looking at the Technical Indicators

Major Support Level: $0.2285

Major Resistance Level: $0.2410

Fib 23.6% Retracement Level: $0.2648

Fib 38% Retracement Level: $0.3031

Fib 62% Retracement Level: $0.3651