- Luminar technologies stock price had recovered 60% approx from the 52 week lows at $3.91
- LAZR stock price is attempting to breakout of the 50 day EMA
- LAZR stock price is in a downtrend and sustainability of the recent up-move is doubtful
Luminar Technologies stock price is trading with mild bullish cues and bulls are trying to break out of the 50 day EMA hurdle but it seems like bear’s are still active and continuing their dominance on the higher levels. Currently, NASDAQ : LAZR stock price is trading at $6.13 with the intraday gains of 1.83%
Will the Luminar stock be able to reclaim above the 50 day EMA ?
On a daily time frame, LAZR stock price had shown a V-Shape recovery from the 52 week low at $3.91 and rising upwards while forming a higher high candle. From the past couple of months, the LAZR stock prices have traded sideways in the narrow range between $6.40 to $9.00 but sadly in the mid of December, prices break down the lower range which has triggered the negative sentiment and bear’s succeeded to drag the prices further down.
Luminar stock prices struggled to find a short term base but surprisingly in January, Market sentiment improved and LAZR stock price took a U-turn and created a hope for long term investors. Recently prices attempted to break out of the 50 day EMA but formed a bearish rejection candle indicating bears are still active at the higher levels. However, $7.00 will act as an immediate hurdle for bulls and if bulls succeeded to hold the prices above $7.00 hurdle level. We can see more upward movement towards $9.00 in the coming months.
LAZR stock price is surely inside the bear grip but prices seem to be in the recovery mode and the probability of more downside is less for the coming months. However, if sell off triggers form supply zone then $4.00 and $5.00 will act as support levels for bulls. The MACD had generated bullish crossover but the curve is sloping sideways indicating prices are likely to enter into consolidation whereas the RSI at 53 denotes the balance between bullish and bearish positions.
Summary
LAZR stock price had witnessed a relief rally and prices shot up 60% approx form the lows but unfortunately the 50 day EMA is acting as a hurdle for bulls. The technical analysis suggests that, if prices breakout $7.00 then the short term trend may reverse in the favor of bulls and more upwards movement will open up for Luminar investors.
Technical levels
Resistance levels : $9.00 and $11.00
Support levels : $5.00 and $3.88
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.
Source: https://www.thecoinrepublic.com/2023/01/22/luminar-technologies-lazr-stock-price-prediction-lazr-stock-price-struggles-at-50-day-ema/