APH chart remains the weakest in the sector

TSX:APH   None
APH continues to show weakness on the daily timeframe and is still a potential bear flag setup. We were unable to break the high of Thursday but broke the low, continuing to test down towards that very key 15.76 support. To negate that bear flag setup, bulls have to hold that level and break convincingly above 17.28 with big volume and follow through. If they can do that, we will look for a lower high on the daily chart below 18.69.

The biggest comfort the bulls have right now is volume is not increasing on the way down towards support, but even that isn't giving too much comfort at this point.

Zooming into the 4hr chart we see a clear downtrend pattern of lower highs and lower lows. We are not convinced 15.93 is our new higher low until that first resistance level 17.28 can be broken. We're starting to see the first signs of a bullish MACD cross but it's a weak move right now, and I'm not giving the bulls any benefit of the doubt whatsoever.

I like APH but this is one I'm going to be patient with. There is no sense playing the weakest chart in the sector just because I like the company. I'm going to protect my profits by letting the trade come to me instead of trying to catch a falling knife.
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