APH is in a similar boat to Canopy right now, stuck inside a 4hr equilibrium. The range here is 18%, over twice as large as the range Canopy finds itself inside. We are seeing the MACD start to curl upwards for the first time in quite a while, and we are patiently waiting for our higher low to be set relative to 14.11.
APH has also bounced off of the golden pocket retrace from the low of its August consolidation to its recent highs. In my opinion, this chart is just waiting (along with the rest of the sector) for Canopy to make a break of it's right range.
Key levels for Monday
Support: 16.77
Resistance: 14.11
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For anybody looking at any individual stock it is imperative to keep an eye on the overall market. The correlation of every individual name and sector to the market is very real and the market is showing significant weakness over the past three weeks.
APH has also bounced off of the golden pocket retrace from the low of its August consolidation to its recent highs. In my opinion, this chart is just waiting (along with the rest of the sector) for Canopy to make a break of it's right range.
Key levels for Monday
Support: 16.77
Resistance: 14.11
_____
For anybody looking at any individual stock it is imperative to keep an eye on the overall market. The correlation of every individual name and sector to the market is very real and the market is showing significant weakness over the past three weeks.
Comment:
APH is holding up the best right now, with CGC and ACB having broken to lower lows. APH did however break the 4hr eq bearish, and 13.76 is the last support now, a loss of which will confirm the daily bear flag. Next support after that is 13.34 and 11.98. Be careful, we're in an area with a lack of support here
Comment:
If we see SPY break down to lower lows, this correlation will favour the Canadian MJ bears