Stellar’s Lumen Technical Analysis – Support Levels in Play – 29/10/18

Key Highlights

• Stellar’s Lumen gained 0.97% on Sunday, following a 2.15% fall on Saturday, to end the week down 5.44% at $0.23365.
• An early morning intraday low $0.2303 saw Stellar’s Lumen steer clear of the first major support level at $0.2288 and the 23.6% FIB Retracement Level of $0.2287.
• An early afternoon rally saw Stellar’s Lumen break through the day’s first major resistance level at $0.2355 to strike an intraday high $0.23815 before easing back through the afternoon.
• The near-term bearish trend remained intact, with Stellar’s Lumen unable to take a run at the 38.2% FIB Retracement Level of $0.2433 to form a near-term bullish trend.

How to Buy Stellar’s Lumen

Stellar’s Lumen Price Resistance

Stellar’s Lumen gained 0.96% on Sunday, partially reversing Saturday’s 2.15% slide, to end the week down 5.44% at $0.23365.

In a relatively range bound day by historical standards, Stellar’s Lumen fell to a late morning intraday low $0.2303, holding above the day’s first major support level at $0.2288 and 23.6% FIB Retracement Level of $0.2287 before an early afternoon rally.

Breaking through the day’s first major resistance level at $0.2355, Stellar’s Lumen rallied to an early afternoon intraday high $0.23815 before hitting reverse through the rest of the day, with Stellar’s Lumen unable to hold above the first major resistance level by the day’s end.

The week’s reversal reaffirmed the bullish trend reversal formed at late September’s swing hi $0.3050, with Stellar’s Lumen having hit a swing low $0.20509 on 12^th October to reverse September’s bullish trend.

At the time of writing, Stellar’s Lumen was down 0.49% to $0.23259, with Stellar’s Lumen easing back from a start of a day morning high $0.23458, the moves through the early morning leaving the day’s major support and resistance levels untested, in what’s been a range bound start to the day.

For the day ahead, a move back through to $0.234 levels and the morning high $0.23458 would support a run at the day’s first major resistance level at $0.2378, while we would expect $0.24 levels and the day’s second major resistance level at $0.2419 to be out of reach on the day, a lack of volatility likely to continue without a price catalyst from the news wires.

Failure to move back through to $0.234 levels could see Stellar’s Lumen take a bigger hit later in the day, with a pullback through the morning low $0.23259 likely to see Stellar’s Lumen call on support at the day’s first major support level at $0.2299 before any recovery, more material declines unlikely barring materially negative news hitting the wires.

Looking at the Technical Indicators

Major Support Level: $0.2299

Major Resistance Level: $0.2378

Fib 23.6% Retracement Level: $0.2287

Fib 38% Retracement Level: $0.2433

Fib 62% Retracement Level: $0.2668