isnarain

Bad News Folks - Sell off Likely to continue

Short
TSX:APH   None
Although we came close to the Key resistance of 13.14, the trend is forming on a downward spiral.We past a key support point at 12.55 and are looking for support at 11.82. Based on the overvaluation and hype of Canopy Growth Corp. an adjustment lower to 11.62 is a more likely event. This will likely resort to a continued bearish trend for the short term. Any hyped news for Aphria will likely have minimal effect as the MJ index is beginning to look more bearish along with the S%P 500 r/t US interest rate hikes. I hate hate hate to say this but now would be a good time to pull out. Short, medium and long term projections will need to be reviewed. My apologies.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.