LUNA/USD Daily TA Neutral Bullish
LUNA/USD Daily neutral with a bullish bias. Recommended ratio: 65% LUNA, 35% cash. Price is currently testing the uptrend line from 02/26/22 + $102.60 minor support + the upper trendline of the ascending channel from March 2021; this confluence makes this a critical test. Cup and Handle formations will sometimes breakout and see a retest of the handle breakout, which is what could be happening here. Volume remains low and is on track for four consecutive selling sessions if it closes today in the red. Parabolic SAR flipped bearish earlier today (in yesterday's session) and now would need to retest $119 to flip bullish again. RSI is breaking down out of the uptrend line from 01/30/22 and is currently bouncing at 54.76, the next support is at 51.40. Stochastic remains bearish and is currently testing 21.78 support. Correction to yesterday's analysis MACD would have turned bearish if it crossed below 6.92 minor support, which it did earlier today (in yesterday's session); it is now currently testing the uptrend line from 02/22/22 at 6.19 as support. ADX is currently trending down at 30.46 as Price is falling, this is mildly bullish. If Price is able to bounce here at $102.60 minor support + the upper trendline of the ascending channel from March 2021 + the uptrend line from 02/26/22, the next likely target would be a retest of $111.66 minor resistance. However, if Price breaks down here at this critical level, then it will likely retest $92.78 minor support. Mental Stop Loss: (two consecutive closes below) $102.60.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.