Observations
Disclaimer
For informational purposes only and not deemed as financial advice.
- Lots of MJ stocks following the same correction path. Extended correction through an ABCDE wave pattern.
- Charts still bearish as 55 EMA is above the other EMAs on 3h timeframe. Price trend also well below 55 EMA.
- RSI is also downtrending making lower highs.
- Continued pressure across the stock market (i.e. Dow Jones Index is still looking to correct further)
- Keep a close eye if it breaks down further. Possible buy zone at the previous low of $0.99 and 0.786 fib level (i.e. $0.86)
- A significant break above $1.35 and 55 EMA support would be good indication of an uptrend to a possible impulse wave.
Disclaimer
For informational purposes only and not deemed as financial advice.