$$$Ospreyeye: Charts, Technical Analysis & Japanese Candlestick Patterns$$$

[ospreyeye]

MJNA Chart......good eye bud.......0.25 is a double bottom......the time frame is short, so that lessons the strength of the double bottom.....

but nonetheless 0.25 is a solid support level & today's bounce from that level is confirming......

the question is, can 0.25 support hold?.......this is only the 2nd time it's been tested......it's usually the 2nd test that will truly confirm support.....

MJNA must hold 0.25 to bounce & head higher.....very important.......there are many factors technically against MJNA's favor now......

Parabolic SAR just flipped to a sell signal today & MACD just had a bearish crossover.....also, MA(10) support broke on Fri. & now MA(20) support broke......MA(10) had been major support huge red flag when it broke.....

the double top formed very quickly......that solidified the resistance level......couldn't even consolidate up there.....pulled back hard both times 0.50 was tested.....that was a major red flag.........

MJNA is @ a crossroads here......will either close above MA(20) & attempt to resume the uptrend or it will confirm SAR & MACD & close below MA(20) & a new bearish downtrend will begin.........

judgement day........the fact Michigan supreme court outlawed dispensaries today isn't helping...$$$