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Stellar’s Lumen Technical Analysis – Support in Play – 20/09/18

Bob Mason
Updated

Key Highlights

  • Stellar’s Lumen rose by 0.04% on Wednesday, following Tuesday’s 6.14% gain, to end the day at $0.20737.

  • An early evening intraday low $0.1986 saw Stellar’s Lumen steer clear of the day’s first major support level at $0.1954.

  • A late evening intraday high $0.21272 came up short of the day’s first major resistance level at $0.2169.

  • The extended bearish trend remained intact, with Stellar’s Lumen continuing to fall short of the 38.2% FIB Retracement Level of $0.2469

How to Buy Stellar’s Lumen

Stellar’s Lumen Price Support

Stellar’s Lumen gained just 0.04% on Wednesday, following Tuesday’s 6.14% gain, to end the day at $0.20737.

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A relatively range bound morning saw Stellar’s Lumen move through to a morning high $0.21037 before hitting reverse, the morning moves seeing Stellar’s Lumen steer clear of the day’s major support and resistance levels.

Tracking the broader market through the 2nd half of the day, Stellar’s Lumen continued its late morning reversal through the afternoon, falling to an early evening intraday low $0.1986, holding above the first major support level at $0.1954, before bouncing back to an early evening intraday high $0.21272, the day’s high coming up short of the first major resistance level at $0.2169.

In spite of two consecutive days of gains, the extended bearish trend remained firmly intact, with Stellar’s Lumen continuing to fall well short of the 23.6% FIB Retracement Level of $0.222 and a breakout to the 38.2% FIB Retracement Level of $0.2469 needed for Stellar’s Lumen to begin forming a bearish trend reversal.

At the time of writing, Stellar’s Lumen was down 0.31% to $0.2065, with a particularly range bound morning seeing Stellar’s Lumen move through to a morning high $0.2077 before easing back to a morning low $0.2065, the early moves leaving the day’s major support and resistance levels untested.

For the day ahead, holding above $0.2060 would support another run through the morning high $0.2077 to bring $0.21 levels and the day’s first major resistance level at $0.2139 into play, with Stellar’s Lumen needing to make a move by late morning to support a second half of a day recovery and breakout.

Failure to hold above $0.2060 could see Stellar’s Lumen take a bigger hit later in the day, with a pullback through $0.2060 bringing sub-$0.20 levels and the day’s first major support level at $0.1997 into play. Heavier losses could be on the cards should the news wires deliver more bad news, the broader market in the red at the time of writing, the lack of support a negative for Stellar’s Lumen through the middle part of the day.

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Looking at the Technical Indicators

Major Support Level: $0.1997

Major Resistance Level: $0.2139

Fib 23.6% Retracement Level: $0.222

Fib 38% Retracement Level: $0.2469

Fib 62% Retracement Level: $0.2870

This article was originally posted on FX Empire

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