LUNA/USD Daily TA Neutral Bearish
LUNA/USD Daily neutral with a bearish bias. Recommended ratio: 45% LUNA, 55% cash. Price continues the bounce upward from $84.05 support in a bid to establish it as a major support; it is simultaneously forming a bear flag in doing so (something to monitor). Volume remains very low and is on track to favor buyers in two consecutive sessions if it closes today in the green. Parabolic SAR flips bullish at $108. RSI continues to test the descending trendline from August 2021 as support and is currently trending up at 43 (just above the trendline). Stochastic is attempting to establish a bottom at 3.56 and is currently forming a bullish crossover at 7.50; the next resistance is at 21.78. MACD remains bearish and testing -0.12 support; it is currently trending down at -0.60 with a slight angle toward a trough formation starting to be made. ADX is trending sideways at 28 as Price is attempting to establish a key support at $84.05, this is neutral at the moment. If Price is able to continue trending up, the next likely target is a retest of the 50 MA at $92.78 minor resistance. However, if the bear flag plays out, Price will likely breakdown below $84.05 and retest $78.04 minor support before potentially falling lower. Mental Stop Loss: (two consecutive closes above) $92.56.
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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.