China Jo-Jo Stores on Drugs again. CJJDFairly obvious impulse nearing completion on the bearish side. Wave 5 is awaited.
We are not in the business of getting every prediction right, no one ever does and that is not the aim of the game. The Fibonacci targets are highlighted in purple with invalidation in red. Confirmation level, where relevant, is a pink dotted, finite line. Fibonacci goals, it is prudent to suggest, are nothing more than mere fractally evident and therefore statistically likely levels that the market will go to. Having said that, the market will always do what it wants and always has a mind of its own. Therefore, none of this is financial advice, so do your own research and rely only on your own analysis. Trading is a true one man sport. Good luck out there and stay safe.
CJJD
CJJD On WatchChinese pharma play:
- Move from 1.00 (May 24, '19) to recent $2.24 top (Jan 27, '20) and back to $1.73 today marks an approximate 50% retrace over the last 9 months
- Currently in the heat of the Coronavirus battle; will likely show a bump in it's topline next quarterly report (July?)
- Currently faces resistance at the baseline of the BB bands and 50MA which are both at $1.75
- Above its 200MA
- 52 week high at $3.39
- Next stop is at $1.94 trendline, with support at $1.75 IF the price holds and is confirmed.
- More support at 20MA ($1.71) and 9EMA ($1.67)
- MACD looking ready for a crossover
- KST at bottom of its range
PT of $1.94 in the short term
Back to $3.00 by July
Stop Loss at $1.65
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GLTA