Luminar Technology is facing intense pressure with short squeeze indicators like Short Ratio, Short vs. Float %, and Off Exchange Shorting % reaching 15 Days, 27%, and 53% respectively. It's primed for action!
After breaking the initial barrier at $1.60-$1.70, we retraced to the previous support zone of $1.40-$1.44. Holding at $1.38 will signal the next move...
If we don't break $1.32-$1.40 we run the risk of a fail to the $1.20 zone of the bottom of the channel! We need a VIX of sub $17 for me to be confident we will break out on Monday/Tuesday!
Overview:
Luminar Technologies (LAZR) appears to be forming a possible bullish diamond pattern, which could indicate a potential bullish reversal. Combining Fibonacci retracements and extensions with Elliott Wave Principle (EWP) counts, we'll explore potential price levels and patterns for today's intraday trading session.
Chart Analysis:
Bullish Diamond...
Bullish Diamond, once the VIX Breaks $17 we rip!
LAZR, OUST, MULN, ANY STOCKS you look at are being bogged down by a $17+ VIX, don't judge the stock, judge the systemic effect of the Fear Index on the market.
Bullishness on my end? Unchanged. Status, 100% very bullish all hands on deck, powder deployed, Let's Go!
LAZR seems to be plotting a distorted triangle and we are close to .618 and have technically tested it already, we may hit 1.34 again and then rise.
P.S. Squeeze figures are still in range, 27%, 15 days to cover +/- 1-2 days which is immaterial at double digits, and 53%+ off exchange dark pool shorting.
Info and Educational Purposes Only.
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GLTA!
Assuming we don't break $1.44 today and hold, we may see $1.38 .382 retracement from the recent run-up (today/tomorrow) and then $1.44 break by tomorrow or Thursday. (White Line)
I think we break it today though. If we do then my alternative retrace will be from around $1.60 (Green Line)
Always for Educational and Informational Purposes Only!
candle was enough to get a profit taking dip today, but is NOT a bearish piercing candle as it does not encroach 50% into the body and it has a bullish bottom wick.
The retracement that happened today to .618 from our 1.20 lows was exactly .618
Many may call today bad, but no way was it, we did the neccessary 4% drop we needed today to hit said levels....
LAZR Focused on a VIX $18 Support Break for this to happen...
Other than all of the other signs out there, the VIX as I mentioned yesterday bogging us down is what's happening, but I remain confident due to an insane "Short Ratio: Days to Cover" of 28+, that's 2 to 3x the days to cover many potent short squeezes present, i.e. AMC, etc.
Also the Short Interest...
Not the prettiest, with bottom angles that reflect more horizontal support than a diamond, but all indications tell me that this is an overshoot and the odd looking diamond is a base out or turning pattern, we should hop up into the $1.40+ range within a day or two.
Info and Edu purposes only, like all other analyses!
LAZR Should be breaking out, but this may happen first... I don't think we break below $1.25 but I always assign probabilities to events, we are in a probabilistic game here, this is never an exact level game, if you think it is you have already lost!
Stay ahead of the game with our latest analysis on LAZR for April 15th, 2024. Join CandlestickNinja on TradingView for insightful charts and market updates. #LAZR #TechnicalAnalysis #SwingTrading
Candlestick Ninja provides an update on LAZR with a strategic buy-in at current prices after being triggered out at $1.78/$1.79. Discover the plan to re-enter the market with 50% of powder at current levels and 50% at $1.35-$1.41, potentially waiting for premarket or early Friday action for half the trade. Despite potential manipulation, the bullish sentiment...
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Bullish divergence present on the 5day Fisher, but you really need to see price action hold above $2 for atleast another 5days. If it continues to get stuffed below $2, price will continue to fall long term. Maybe a base around 1.50. If it can hold above $2, $2.80-3 would be the next price target.
