Short
🔥 LUNC Bullish Targets Reached - 3 Reasons To Be Cautious
Yesterday I made an analysis about LUNC and the bullish channel it was trading in. As of today, my bullish target around 29000 has been reached.
Now is the time to be cautious. There are 3 reasons why we can expect more selling pressure to take place:
- LUNC is trading at the previous all-time high value of 29,000. Rule of thumb is to not go long into resistances.
- LUNC has hit the top of the bullish channel.
- LUNC's daily RSI is severely overbought with a value of 88.5 at the moment of writing.
My swing trading advice would be to take (partial) profits and wait what LUNC will do in the next 48 hours. The risk of a bearish move is too big at the moment.
Personally I'm looking for a potential re-entry around 20,000.
Now is the time to be cautious. There are 3 reasons why we can expect more selling pressure to take place:
- LUNC is trading at the previous all-time high value of 29,000. Rule of thumb is to not go long into resistances.
- LUNC has hit the top of the bullish channel.
- LUNC's daily RSI is severely overbought with a value of 88.5 at the moment of writing.
My swing trading advice would be to take (partial) profits and wait what LUNC will do in the next 48 hours. The risk of a bearish move is too big at the moment.
Personally I'm looking for a potential re-entry around 20,000.
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