1) This is the chart I posted yesterday in the morning. People could sell much higher than now. Clearly show that started coming down from overbought conditions. Notice I highlighted similar situation before. RSI (relative strength indicator) was overbought - normally comes down sooner or later. EFI (elders force indicator) was also very overbought.
2) 4 days of huge volume - total 40% of shares on registry - a lot of traders. Everybody is a trader - they are here to sell higher with a profit. When it turns into a loss - fear kicks in, which is stronger emotion than greed. Those shares will have to be sold to lock in profits
3) Gaps (when share opened higher than previous day high and didn't come down to the previous day high) (I highlighted them on today's chart (2nd picture) - they often fill (meaniing, price comes down to fill)
There is no crystal ball. It can go up from here tomorrow. You decide for yourself. Depends on news, and how Nasdaq trades. But I am not buying yet. Too much optimism here. I am buying when it is cheap, not expensive.
yesterday morning (posted somewhere on MMJ):
and today:
MMJ Price at posting:
47.5¢ Sentiment: None Disclosure: Not Held
