LUNA/USD Daily Neutral Bearish
LUNA/USD Daily neutral with a bearish bias. Recommended ratio: 40% LUNA, 60% cash. *Bull trap watch*. Price is currently breaking out above $84.05 resistance (at $89) after testing (and bouncing off of) $78.04 minor support. Volume ended the 7 day streak of shrinkage when demand showed up at $78.04 minor support. Parabolic SAR flips bullish at $92.78 minor resistance. RSI is currently trending up at 48.50 after testing the descending triangle from August 2021 at ~40 for a little over a week (strengthening the case for established support); the next resistance is close by at 51.40. Stochastic is forming a bullish crossover and is currently trending up at 15.36; the next resistance is at 21.78. MACD is forming a trough and is currently trending up at -3.55 (it is still technically testing -2.43 minor support); a move above -1.28 would likely lead to a bullish crossover. ADX is trending down slightly at 29 as Price surged in today's session, this is neutral at the moment. If Price is able to break out above the 50 MA + Parabolic SAR at $92.78, the next likely target is a retest of $102.60. However, if Price is rejected at $92.78, it will likely test $84.05 as support. Mental Stop Loss: (two closes above) $84.05; currently on track for one close above today but to be mindful of the threat of a bull trap, two closes above $84.05 would help confirm support.
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.
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.