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.
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.
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
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.