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- LUMN stock price rejected the 50 day EMA and reverse down toward new lows
- LUMN stock price stuck in the narrow range
- NYSE: LUMN down by 4.18% on the weekly basis and formed a bearish candle
Lumen Technologies Inc (LUMN) stock price is trading with the bearish cues and bear’s are trying to break the 52 week low for pulling the prices further down. However, prices are near the demand zone and any positive news can trigger a relief rally from lower levels. Currently, The NYSE: LUMN stock price is closed at $5.04 with the intraday loss of 4.18%
Will the LUMN stock price break the lower range ?
On a daily time frame, LUMN stock price is in a downtrend and continuing the downward movement by forming lower low swings. In the past couple of months, LUMN bulls had tried multiple times to bounce back from the support zone but unfortunately due to bear dominance on the higher levels prices faced rejection and lost all its previous gains.
LUMN stock prices are below the 200 and 50 day EMA which indicates the positional trend is in the bear’s grip and any decent up-move will be used for creating fresh short positions. However, On the higher side, downward sloping trendline will act as an immediate resistance for the bulls followed by the next hurdle at $6.09 and if bulls are able to break out of the hurdle level then it can rally toward $6.75 in the short span of time.
The technical indicator like MACD is on the way to generate negative crossover indicating bearishness to continue in the coming days, The RSI is reversing down from the neutral level denotes weakness and at the same time the price action is also favoring the bear’s shows that the probability of breakdown is high as compared to upward reversal. However,if the LUMN succeeds to beat the Q4 street estimates then we may see a wild short covering rally after the release of Q4 earnings.
According to data in Yahoo finance, An average Q4 earning estimates at $0.19 and the average revenue estimates stood at $3.78B
Summary
LUMN stock price is in the bear’s grip and doesn’t show any signs of reversal but prices are near to the demand zone and if LUMN succeeds to beat the street estimates then we may see a wild short covering rally in the few sessions. However, the probability of the short covering remains low due to strong presence of bear’s on the higher levels.
Technical levels
Resistance levels : $6.09 and $6.75
Support levels : $4.97 and $4.50
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
