A couple of days ago I made an analysis on LUNC and the bearish move it made after forming a head & shoulders pattern. The sell-off that followed adhered to a strong down sloping resistance line, purple. Will LUNC reverse again?
In my view, there's a decent probability that LUNC will face heavy resistance around this area. However, be aware that LUNC has already retraced almost 60% from the top, so a big bounce is to be expected at some point.
I'm not 100% convinced yet that this resistance will hold. Hence I'll wait for what the market will do. Patience is key.
Nevertheless, my target at 23,000 from my previous analysis still holds.
In my view, there's a decent probability that LUNC will face heavy resistance around this area. However, be aware that LUNC has already retraced almost 60% from the top, so a big bounce is to be expected at some point.
I'm not 100% convinced yet that this resistance will hold. Hence I'll wait for what the market will do. Patience is key.
Nevertheless, my target at 23,000 from my previous analysis still holds.
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Might see more funds piling in, looking at the 38k area now.