With the candles I circled in blue, I think LUMN is currently re-testing a key level that dates back to August 2002. This was the first major test of an area that originally acted as 2-week resistance around January 1998.
Later, price tested the $6.54 level, which developed after that initial test. In 2020, LUMN revisited the $6.54 area, and then in 2022, it tested the midpoint between the two key zones—$6.54 (the second test) and $6.19 (the first test). During that period, the area transitioned from support to resistance, further confirming its significance.
Years later, these two zones continue to prove their importance. The $6.54 and $6.19 levels have repeatedly acted as major support and resistance. Most recently, price bounced directly from the $6.19 zone, once again reinforcing it as a key level to watch.
Also, I think theres a valid dragon at play that failed its break outs.
Later, price tested the $6.54 level, which developed after that initial test. In 2020, LUMN revisited the $6.54 area, and then in 2022, it tested the midpoint between the two key zones—$6.54 (the second test) and $6.19 (the first test). During that period, the area transitioned from support to resistance, further confirming its significance.
Years later, these two zones continue to prove their importance. The $6.54 and $6.19 levels have repeatedly acted as major support and resistance. Most recently, price bounced directly from the $6.19 zone, once again reinforcing it as a key level to watch.
Also, I think theres a valid dragon at play that failed its break outs.
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