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.
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Resistance broken. Good job bulls๐ฅ
Might see more funds piling in, looking at the 38k area now.