Going back a few days, MON had a momentum run and while price has yet to close lower than 50% of that momentum run's range, it does keep dipping lower.
The 50% retracement as measured from the High to Low framed price nicely on Friday, bouncing from it before failing it. The fib lines drawn from the Open to Close put the 50% line 13-cents higher.
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Also worth noting: Price gaped down and had a weak rally attempt to fill this gap wherein price failed the Open (yellow line), the return test of the Open was an Ideal short entry. Meanwhile, as price flirted with the previous day's 50% retracement we got a basing pattern with very little upward testing (aside from the final stop sweep before trading lower)
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