LUNA/USD Daily TA Cautiously Bullish
LUNA/USD Daily cautiously bullish. Recommended ratio: 75% LUNA, 25% cash. Price has broken down below the upper trendline of the ascending channel from 02/26/22 ($115-$117) and is currently testing $111.66 minor support (at $108). Volume remains very low and is on track to favor sellers for two consecutive days with a red close in today's session. Parabolic SAR flips bearish at $100, signaling that Price wouldn't have far to fall to crossover bearish (which could also be short-lived). RSI is currently testing the uptrend line from 01/30/22 at 60.13 minor support. Stochastic has crossed over bearish and is currently trending down at 74 as it approaches a retest of 69.86 support. MACD remains bullish and has formed a peak at 8.23; it is currently trending down at 7.55 with the signal line trending alongside 5.05 minor support, if it were to fall below 5.05 minor support it would be a bearish crossover. ADX is trending down slightly at 34 as Price faces rejection, this is neutral for the time being. If Price is able to establish support at $111.66, the next likely target is a retest of the ATH at $119.66. However, if Price closes below $111.66 minor support, then it will likely retest the lower trendline of the ascending channel from 02/26/22 at $102.60 minor support. Mental Stop Loss: (two consecutive closes below) $102.60.
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Disclaimer
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.