Lunyr solid uptrend
|After finding the bottom at $6.75, Lunyr has established a solid uptrend, continuously producing higher highs and higher lows. Clearly price is bouncing off the uptrend trendline and recently rejected the 23.6% Fibonacci support level.
All-in-all the trend is bullish, but in order to move higher, LUN/USD has to produce a new high while closing above the $17.72 resistance level. When/if this occurs, Lunyr should move towards the 61.8% Fibonacci retracement level, that is $26.6.
On a downside, the strong support is based at $14 area, where the uptrend trendline as well as the 23.6% Fibs support were rejected. Close below that level should invalidate bullish outlook and could result in a stronger correctional move down.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.