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.........
MWIP Chart..: take a look @ yesterday's candle......the upper tail/shadow hits just above the closing price on the 12th.....
it's the CLOSING price, not high of day, that forms support & resistance levels......some beg to differ, but look at this chart.......
the closing price on the 12th was the highest closing price for MWIP on this breakout......MWIP traded above this level yesterday, but failed to close above it......
what formed was a DOUBLE TOP.......when MWIP failed to make new high closing price the double top was formed......
should of pointed this out yesterday, but I thought the Double top would actually form today w/ another attempt to trade higher than the 12th........
the declining vol. was a clue that the buyers were tiring.......on bounce radar now........$$$
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