I was calling for a breakout yesterday however we did not see much action. Pretty average for a Tuesday. I said 10.80 was a final support and we defended that pretty well. We are following a nice major trendline up all the way back from the start of the month. Today kind of felt like a loss however going back to the charts we moved really all of 20 cents. Bulls made some ground 10.90 is our new bottom up 10 cents. This also happens to be 200 day MA which should hold pretty strongly. If you are looking to buy this would be a perfect area. 10.80 is the following support and 11.10, 11.30 and 11.50 are resistance. With a decent amount of volume with MJ being in the news all day we should see the nice little run we should of seen yesterday.
My play here would be watch the open. Buy at 10.90 or anything below and let it ride. I wouldnt watch it for the rest of the day unless 10.90 breaks and we cannot recapture it on the first try, This would be a bad sign that the stock is about to head back on a downtrend.
My play here would be watch the open. Buy at 10.90 or anything below and let it ride. I wouldnt watch it for the rest of the day unless 10.90 breaks and we cannot recapture it on the first try, This would be a bad sign that the stock is about to head back on a downtrend.