LUNA/USD Weekly TA Neutral Bullish
LUNA/USD Weekly neutral with a bullish bias. Recommended ratio: 60% LUNA, 40% cash. Price is currently breaking out above $87.51 minor resistance and forming a massive Bullish Engulfing candle as it attempts to defend support at the uptrend line from August 2021 ($82). Volume remains very low and has been shrinking for four consecutive sessions now, indicating that a breakout or breakdown is pending in the coming weeks. Parabolic SAR flips bearish at $53.23, this is mildly bearish considering that Price can fall an additional 23% and still wouldn't flip SAR bearish. RSI is currently bouncing off of the uptrend line from November 2019 (55) and is trending up at 59; the next resistance is at 64.56, which RSI would have to break out above in order to test the descending trendline from February 2021 (70-73). Stochastic remains bearish and is currently trending down at 43.43 after being rejected by the descending trendline from September 2021 at 66.26 resistance. MACD remains bullish and is currently resisting a bearish crossover by trading sideways at 12.53; if it were to fall below 12.08 then MACD would crossover bearish. ADX is trending sideways at 41 as Price is surging, this is neutral at the moment; if ADX is to start trending up as Price continues to appreciate then this would be bullish. If Price is able to turn $87.51 minor resistance to support (by closing above it in two consecutive sessions), then the next likely target is a retest of the ATH at $119.72. However, if Price breaks down below the uptrend line from August 2021 ($85-$87), then it will likely retest the lower trendline of the ascending channel from July 2021 at $74.60 minor support. Mental Stop Loss: (two consecutive closes below) $87.51.
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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.