The chart looks pretty negative and has violated long term support .... confirmation of which was the bearish engulfing pattern that manifested last week.
Initial support looks to be around $33 ... then $31-$30 with a medium downside target below $27.00. It may hold around $27.50 but if the downtrend accelerates the longer term downside target could be the big support zone around $17.00
Hopefully, that won't happen but it's a possibilty.
I would be waiting for higher highs and higher lows to emerge on an end of week basis before entering NCM.
DYOR ... I could be wrong and have been wrong on numerous occasions ... but sometimes I get it right.
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