LMND is showing bearish divergence between RSI and price on the daily chart. MACD is starting to curl down, ADX is flat although still trending, and +DI is curling down as -DI is curling up. In the past, after rallies LMND retraced to find support on the 14-ema and 21-ema. I am a buyer on that zone.
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Take a look at the difference in volume:
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Second fib level met. I believe more downside is coming:
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Support on the 14-ema. You may start scaling in if you want. I am waiting a little longer:
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That is a nice hammer candle on the retracement. Depending on what the next candle prints this could mean the short term trend could reverse. If you didn't get in on lower levels this is still a good time to start scaling in. Don't go all in because the reversal is not confirmed yet:
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LMND daily resistance at $150. I took some profits here:
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Closed my LMND position at $167 and bought back with an average price of $153. Now crossing my fingers the support holds. 🤞
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LMND recovering from yesterday's drop. Glad I got back in at support.
Great analysis! Corrections always come and now might be the time
Safe_Trades
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@IngenuityTrading thanks buddy. I sold half way through the rally. I am buying again if it retraces. I’ll also add some for the long term.
IngenuityTrading
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@Safe_Trades, great call this down move is fierce... and the long term trend is still bullish so that's not a bad idea
Safe_Trades
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@IngenuityTrading, thanks my friend. It looks like the new stimulus package created uncertainties. I will take advantage wherever I can. Safe trades!
kitpuos
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Price target of retrace?
Safe_Trades
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@kitpuos, you can watch these fib levels along with the 14-ema and 21-ema (perhaps even the 50-ema). Whenever emas converge with fib retracement levels the support is stronger. Also, LMND seems to have responded well to support of these two moving averages. You can see all possible targets here (the first was already met). I doubt it would get to 1 fib but it is possible if bearish volume the next days matches the current bar (over 15M). I am inclined to think it will find bottom between .618 and .786 but that is my bias. It could very well revert from here since the first target was met but I doubt it given (again) the last bar volume. Keep in mind Biden's stimulus package plan was released today so that may play a role in the markets as well. Safe trades!