Stellar’s Lumen Technical Analysis –Resistance Levels in Play – 25/05/18

Key Highlights

• Stellar’s Lumen gained 6.86% on Thursday, reversing Wednesday’s 6% slide to end the day at $0.29153.
• An intraday low $0.26608 held above the day’s first major support level at $0.2587 and Wednesday’s new swing lo $0.26195.
• Stellar’s Lumen broke through the day’s first major resistance level at $0.2909 with an intraday high $0.2973, while falling short of the 23.6% FIB Retracement Level of $0.3155.

How to Buy Stellar’s Lumen

Stellar’s Lumen Price Resistance

Stellar’s Lumen gained 6.86% on Thursday, more than reversing Wednesday’s 6% fall, to end the day at $0.29153, bringing to an end 3 consecutive days of losses.

Moves through the early morning saw Stellar’s Lumen hit a morning high $0.29134, breaking through the day’s first major resistance level at $0.2909 early, leading to a pullback to the day’s intraday low $0.26608, before an afternoon rally kicked in.

Stellar’s Lumen managed to hold above the day’s first major support level at $0.2587, with the day’s low, while also managing to avoid striking a new swing lo, following Wednesday’s new swing lo $0.26195.

The afternoon rally saw Stellar’s Lumen move through to an intraday high 0.2973, breaking back through the day’s first major resistance level at $0.2909 before easing back, resistance at $0.30 holding Stellar’s Lumen back from a run at the 23.6% FIB Retracement Level of $0.3155.

While Wednesday’s losses were reversed, failing break through the 23.6% FIB Retracement Level reaffirmed the bearish trend formed at 29^th April’s swing hi $0.46547, Stellar’s Lumen needing to move through the 38.2% FIB Retracement Level of $0.3441 to $0.36 levels to begin a bearish trend reversal.

At the time of writing, Stellar’s Lumen was up 1.8% to $0.2968 to lead the way through the early morning among the majors, with an early dip to a morning low $0.28571 holding well above the day’s first major support level at $0.2726 before making a move through to a morning high $0.3005.

Resistance at $0.30 held Stellar’s Lumen back from testing the day’s first major resistance level at $0.3039, with the next target for the bulls being the 23.6% FIB Retracement Level of $0.3155, needed to consolidate Thursday’s gains and look to begin the formation of a bullish trend.

For the day ahead, a move back through to $0.30 levels and a break through the day’s first major resistance level at $0.3039 will be key to support a 2^nd consecutive day of gains, with a run at the 23.6% FIB Retracement Level likely to support a bullish run through the weekend.

Failure to break through the day’s first major resistance level will likely see Stellar’s Lumen pullback through the start of the day’s $0.28571 low to bring the day’s first major support level at $0.2726 into play, with $0.25 levels also in play should sentiment across the market deteriorate through the afternoon.

While it’s a bullish start to the day, the bearish trend remains intact and investors may look to lock in profits ahead of the weekend and the possible release of any damaging news across the wires.

Looking at the Technical Indicators

Major Support Level: $0.2726

Major Resistance Level: $0.3039

Fib 23.6% Retracement Level: $0.3155

Fib 38% Retracement Level: $0.3441

Fib 62% Retracement Level: $0.3905