Stellar's Lumen is on the move early. The bulls will be targeting a move through to $0.10 levels, but resistance will play a hand today.
Stellar’s Lumen fell by 5.36% on Wednesday. Reversing a 3.4% rise from Wednesday, Stellar’s Lumen ended the day at $0.08916.
A bullish start to the day saw Stellar’s Lumen rally to a mid-morning intraday high $0.09647 before hitting reverse.
Coming up against the first major resistance level at $0.0964, Stellar’s Lumen succumbed to pressure from the broader market. The reversal saw Stellar’s Lumen slide to a late afternoon intraday low $0.0884 before steadying.
The sell-off saw Stellar’s Lumen fall through the first major support level at $0.0900 and close out the day at sub-$0.0900 levels for the first time since Monday.
Thursday’s pullback cut the current week’s gain to 9.99%.
The extended bearish trend remained intact, in spite of the current week’s gains. Stellar’s Lumen continued to fall well short of the 23.6% FIB Retracement Level of $0.1310. For the bulls, recovering the current year loss of 21.18% to take a run at the 23.6% FIB of $0.1310 would be needed for a near-term bullish trend formation.
At the time of writing, Stellar’s Lumen was up by 2.4% to $0.09130. A bullish start to the day saw Stellar’s Lumen rise from a morning low $0.09051 to a morning high $0.09191. The day’s major support and resistance levels were left untested early on.
For the day ahead, a move through the morning high would bring the first major resistance level at $0.0943 into play before any pullback. We would expect Stellar’s Lumen to come up short off the second major resistance level at $0.0994 in the event of a breakout. Thursday’s high $0.09647 will likely pin Stellar’s Lumen back on the day.
Failure to move through the morning high could see Stellar’s Lumen give up more of the morning’s gains. A pullback through the morning low $0.09051 would bring sub-$0.90 levels and the first major support level at $0.0862 into play before any recovery. We would expect Stellar’s Lumen to steer clear of the second major support level at $0.0833 in the event of a sell-off.
Major Support Level: $0.0862
Major Resistance Level: $0.0943
23.6% FIB Retracement Level: $0.1310
38% FIB Retracement Level: $0.1643
62% FIB Retracement Level: $0.2180
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.