Stellar’s Lumen Technical Analysis – Eyeing sub-$0.20 Levels – 22/11/18

Key Highlights

• Stellar’s Lumen gained 4.13% on Wednesday, partially reversing Tuesday’s 13.16% slide, to end the day at $0.20618.
• An early morning intraday low $0.1883 steered clear of the day’s first major support level at $0.1756.
• A late morning intraday high $0.21454 saw Stellar’s Lumen fall short of the day’s first major resistance level at $0.2280.
• The near-term bearish trend remained intact, with Stellar’s Lumen break back through the 23.6% FIB Retracement Level of $0.2119 to take a run at the 38.2% FIB Retracement Level of $0.2297.

How to Buy Stellar’s Lumen

Stellar’s Lumen Price Support

Stellar’s Lumen gained 4.13% on Wednesday, partially reversing Tuesday’s 13.16% slide, to end the day at $0.20618.

A bearish start to the day saw Stellar’s Lumen fall to an early morning intraday low $0.1883, with Wednesday’s sell-off spilling over to the early hours of the day before support kicked in, a broad based market recovery leading Stellar’s Lumen to a late morning intraday high $0.21454.

Easing back to $0.19 levels through the afternoon, Stellar’s Lumen managed to move back through to $0.20 levels and hold by the day’s end, with the moves through the day leaving the major support and resistance levels untested.

In spite of mid November’s break through the 62% FIB Retracement Level of $0.2584, the reversal through the FIB Retracement Levels to hold below the 23.6% FIB Retracement Level of $0.2119 leaves the near-term bearish trend, formed at late September’s swing hi $0.305 intact, with Stellar’s Lumen needing to break back through to $0.22 levels to begin forming a bearish trend reversal.

At the time of writing, Stellar’s Lumen was down 1.68% to $0.20271, moves through the early morning seeing Stellar’s Lumen rise to a morning high $0.20807 before pulling back to a morning low $0.20271, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high $0.20807 would support another run at $0.21 levels to bring the day’s first major resistance level at $0.2177 into play, which would likely pin back a run at $0.22 levels, with the bearish sentiment likely to limit the upside on the day, in the event of an afternoon rebound.

Failure to move back through the morning high $0.20807 could see Stellar’s Lumen fall back to sub-$0.20 levels to call on support at the day’s first major support level at $0.1915 before any recovery, sub-$0.19 support levels and Wednesday’s intraday low $0.1883 unlikely to be hit through the day, barring more negative news hitting the wires.

Looking at the Technical Indicators

Major Support Level: $0.1915

Major Resistance Level: $0.2177

Fib 23.6% Retracement Level: $0.2119

Fib 38% Retracement Level: $0.2297

Fib 62% Retracement Level: $0.2584