Stellar’s Lumen Technical Analysis – Eyeing Resistance Levels – 30/11/18

Stellar’s Lumen is on the move, recovering from an early pullback to bring resistance levels and the 23.6% FIB into play on the day.
Bob Mason
stellar xlm

Key Highlights

  • Stellar’s Lumen gained 0.72% on Thursday, following on from an 8.98% jump on Wednesday, to end the day at $0.16449.
  • An early morning intraday low $0.15356 held well above the first major support level at $0.1497.
  • A late morning recovery saw Stellar’s Lumen rise to an intraday high $0.17455, breaking through the first major resistance level at $0.1718 and 23.6% FIB Retracement Level of $0.1725 before easing back.
  • The near-term bearish trend remained intact, with Stellar’s Lumen failing to break out from the 23.6% FIB Retracement Level to take a run at the 38.2% FIB Retracement Level of $0.1978.

How to Buy Stellar’s Lumen

Stellar’s Lumen Price Support

Stellar’s Lumen gained 0.72% on Thursday, following an 8.98% rally on Wednesday, to end the day at $0.16449.

A bearish start to the day saw Stellar’s Lumen slide to an early morning intraday low $0.15356, holding above the day’s first major support level at $0.1497 before finding support, Stellar’s Lumen tracking the broader market through the rest of the day.

The late morning recovery saw Stellar’s Lumen rise to an intraday high $0.17455, breaking through the day’s first major resistance level at $0.1718 and 23.6% FIB Retracement Level of $0.1725 before easing back to $0.16 levels by the day’s end, selling pressure at the 23.6% FIB proving to be too strong on the day.

In spite of the Wednesday’s rally and Thursday’s consolidation, the near-term bearish trend remained intact, with Stellar’s Lumen failing to breakout from the 23.6% FIB to take a run at the 38.2% FIB Retracement Level of $0.1978, while recovering well from last Sunday’s new swing lo $0.1316.

At the time of writing, Stellar’s Lumen was up 3.06% to $0.16952, with moves through the morning seeing Stellar’s Lumen recover from a morning low $0.16215 to a morning high $0.16992 before easing back, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high $0.16992 to $0.17 levels would bring the 23.6% FIB Retracement Level of $0.1725 and the first major resistance level at $0.1748 into play before any pullback, sentiment across the broader market needing to material improve for Stellar’s Lumen to break out from the 23.6% FIB Retracement Level of $0.1725 on the day.

Failure to move back through the morning high to $0.17 levels could see Stellar’s Lumen hit reverse later in the day, with a pullback through the morning low $0.16215 likely to bring $0.15 levels and the first major support level at $0.1539 into play before any recovery, more material declines unlikely barring particularly negative news hitting the wires.

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Looking at the Technical Indicators

Major Support Level: $0.1539

Major Resistance Level: $0.1748

Fib 23.6% Retracement Level: $0.1725

Fib 38% Retracement Level: $0.1978

Fib 62% Retracement Level: $0.2388

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