McGuireTO

APH dumps and holds next support - barely

TSX:APH   None
APH gapped down today, filled the gap, then turned around and never looked back. I held a short most of the day today and covered it a little early just under $16.30. Support at 15.76 held by two pennies. APH saw such a significantly bearish day because after losing 18.57 last week, the next support was 15.76 - a full 18% below.

We're at the point where we can start looking for an hourly oversold bounce, but APH is unlikely to bounce here without sector leader CGC bouncing as well. CGC cooled off RSI on all timeframes at the end of the day and in after hours and is sitting currently in an hourly bear-flag setup, and can easily see another solid red day tomorrow. If that's the case, I don't expect the APH bulls to be able to bounce significantly even though it's RSI is much more beaten up.

Increasing bear volume on the daily has the bulls salivating at the opportunity to play the bounce, but smart traders are sitting on their hands very patiently waiting for the setup to come to them rather than trying to catch a falling knife.

On a bounce, anything under 18.69 will be a lower high on the daily chart .
@McGuireTO It's up about 7% now with 30 mins to close. Do you think this has legs or is this just a pump & dump?
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@intel2, This is nothing more than an oversold bounce at this point. Bulls must hold 16.68 and break 17.76 in order to change the hourly trend. Then I'd be looking for a daily lower high relative to 18.69
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intel2 McGuireTO
@McGuireTO, thanks. well i don't see it breaking 17.76 today ... 16.68 is the one likely to break.
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@intel2, SORRY!!! TYPO!! I meant 17.26
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intel2 intel2
@intel2, yep 17.26 :-) makes more sense!
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