Stellar’s Lumen Technical Analysis – Resistance Levels in Play – 26/12/18

Key Highlights

• Stellar’s Lumen slid by 8.28% on Tuesday, reversing a 3.83% rise from Monday, to end the day at $0.12285.
• A start of a day intraday high $0.13452 fell short of the 23.6% FIB Retracement Level of $0.1434 and the first major resistance level at $0.1449.
• Bearish through the morning, Stellar’s Lumen fell through the first major support level at $0.1266 to an intraday low $0.11941, calling on support at the second major support level at $0.1189 before finding support.
• The bearish trend remained intact, with Stellar’s Lumen falling short of the 23.6% FIB Retracement Level of 0.1434 following 15^th December’s swing lo $0.09353.

How to Buy Stellar’s Lumen

Stellar’s Lumen Price Resistance

Stellar’s Lumen slid by 8.28% on Tuesday, reversing a 3.83% gain on Monday, to end the day at $0.12285.

A particularly bearish start to the day saw Stellar’s Lumen slide from a start of a day intraday high $0.13452 to a morning low $0.12041, falling through the first major support level at $0.1266 before falling to an early afternoon intraday low $0.11941 to call on support at the second major support level at $0.1189.

Tracking the broader market through the 2^nd half of the day, Stellar’s Lumen managed to move back through to $0.12 levels and an afternoon high $0.12587 to reduce the losses on the day.

The day’s reversal reaffirmed the bearish trend formed at late October’s swing hi $0.305, with Stellar’s Lumen needing to breakout from the 23.6% FIB of $0.1434 to come within range of the 38.2% FIB of $0.1743 to begin forming a bearish trend reversal.

At the time of writing, Stellar’s Lumen was up 2.08% to $0.12541, with Tuesday afternoon’s upward momentum continuing into the early hours. Stellar’s Lumen rose from a start of a day morning low $0.12242 to a morning high $0.12787 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 $0.12787 would support a run at $0.13 levels to bring the first major resistance level at $0.1318 into play before any pullback. $0.14 levels and the second major resistance level at $0.1407 and 23.6% FIB of $0.1434 are unlikely to be in play in the day, Tuesday’s high $0.13452 likely to pin Stellar’s Lumen back from a breakout from the first major resistance level.

Failure to move back through the morning high could see Stellar’s Lumen ease back through $0.125 levels and a morning low $0.12242 to bring $0.11 levels and the first major support level at $0.1167 into play before any recovery, sub-$0.11 levels unlikely to be in play in the event of a reversal, with the second major support level at $0.1105 there to prevent heavier losses in the day.

Looking at the Technical Indicators

Major Support Level: $0.1167

Major Resistance Level: $0.1318

Fib 23.6% Retracement Level: $0.1434

Fib 38% Retracement Level: $0.1743

Fib 62% Retracement Level: $0.2242