After breaking its daily uptrend, APH bulls showed up Friday looking to set a daily lower high compared to 20.57. I'm expecting a back-test of the daily MA20, currently at 19.51 in the current configuration. I don't like any bull entries in APH right now based on the daily chart, but if you zoom into the hourly we see the bulls trend trying to change the trend, looking for a higher low and then a break of 18.54. If playing that hourly chart you will likely not want to hold this position for more than a night or two, but in my opinion there are better setups out there. It's worth noting the low daily bull volume.
As one of the weaker charts, correlation to the sector leader will favour the APH bears and I expect further downside should Canopy break bearish from its daily equilibrium. They daily range right now is 17.37 - 20.57, but if SCYB continues to sell off APH shares we will look for further downside after this move tops out.
If you have a long term position in APH and don't like trading it as much, consider this. Stopping out on the break of our key 18.57 support saw a 6.5% move to the downside, meaning you could have bought back 6.5% more shares with the same capital. That's one way you can compound profits, even if you don't want to watch the charts throughout each and every day.
As one of the weaker charts, correlation to the sector leader will favour the APH bears and I expect further downside should Canopy break bearish from its daily equilibrium. They daily range right now is 17.37 - 20.57, but if SCYB continues to sell off APH shares we will look for further downside after this move tops out.
If you have a long term position in APH and don't like trading it as much, consider this. Stopping out on the break of our key 18.57 support saw a 6.5% move to the downside, meaning you could have bought back 6.5% more shares with the same capital. That's one way you can compound profits, even if you don't want to watch the charts throughout each and every day.