Taking MJ as our industry proxy, the technical picture hasn’t changed much since we last reported. As you can see, the Fib retracement scenario we drew up last week is holding up, with 50% retracement support at 12.50. MJ can even retrace to the 11.00 range before the current uptrend is under threat. Any price action below 10.50 should have long-biased traders concerned (though potentially attractive to longer-term investors).
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