MJ Weekly Analysis

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MJ formed a high 2 / wedge bull flag last week which has triggered. The bulls were able to keep the 32 gap open. However the signal bar is a small bull doji. If this week closes on its high it will increase the probability of a test above the 40 lower high and possibly a new all time high. This market is in a bull flag trading range so buying high is a riskier action than in a bull trend. If instead the bears turn the market down, they will likely get a test of the 28 bull gap where the bulls will try to form a higher low and larger high 2.