I am no expert chart reader but it looks like that upper red line is right around .75-.77 if we break that with some volume maybe that line would then be a support level in the future days. Orders at the BID right now are really stacking up I believe lots of them are a little gun shy to buy the ASK given the past history with the chart. But it may change soon IMHO
Disagree, but you have just as likely a chance to be right as I.
Completely agree on the $2.50 number. Stop-buy at $1.51 for a move to $2.50, quickly.
Have you been able to watch the tape at all the past several days? Why would plain ole retail be trading like this, right now? Retail is all in, we are in a vacuum, tax-loss selling, no word on production, etc., yet someone is clearly supporting the price recently, IMO.
JBII is in week 8 of a 12 week cycle post MFI (smart money, whales, etc.) "flush" as depicted by the white smudges below the 20 line (MFI 12). If one looks to pattern behavior based on last 2 "flushes," MFI 3 cycle takes 2 to 4 oscillations to pull the MFI 12 through the 50 line in sync with Retail Money (CMF) and Money Momentum (ChiOSC).
Smart Money has yet to participate in pushing the stock back up (MFI 3 still on the floor). As can be clearly seen, Retail (CMF) is doing all the heavy lifting (CMF 3 above signal line) with bid support by the "whales" but not enough (CMF 3 below desired .5 peak) to trigger momentum (ChiOsc).
I agree with "up to" mid-Jan but would also throw in .60 as a possible low point if .64 doesn't hold. This next (overdue) MFI 3 cycle-up (Smart Money in) should confirm/deny upward conviction short of the 12 week; but it'll need to be pretty hefty to pull the MFI 50 through the signal line, which is desired to confirm reversal IMHO.
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