McGuireTO
Short

APH coming under intense selling pressure after SCYB Transaction

TSX:APH   None
APH was by far the weakest name in the sector today, breaking $18.57 support and signalling a major red flag for the bulls, putting the chart into a daily downtrend with a lower high and a lower low. $17.76 support broke as well, and the last level we have to play off of is the low of the oversold bounce $15.76. APH rejected on open from daily EMA4 & EMA8.

The price is now entering an area with a significant lack of price volume support, and we could easily see the price move down very quickly to below $17, and perhaps to as low as $16.00. There's significant support at $15.76 so a bottom-fishing play could be an option, but now that we're trending downward I would not be holding onto that position for too long.

Why was APH the weakest name today?

Today Scythian Biosciences closed the sale of its Latin American and Carribean Assets to APH in an all stock transaction - 48,849,218 shares of APH . Clarus Securities acted as the financial advisor in this deal. (source: https://finance.yahoo.com/news/scythian-... ).

Clarus sold a single transaction of 500,000 shares today, I'm speculating that Clarus is cashing in some of those shares on the open market for cash on behalf of SCYB. There could be further selling pressure ahead if they intend to cash out more shares on the open market.

Resistances are 18.24 and 18.53, support all the way down at 15.76
Nice analysis. I agree with you as SCYB need atleast 50 million cash for their florida acquisition by next 2 weeks.
I am looking to bottom fishing around support level 15.76 as well.
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Thank you! Waiting for updates for Aurora..
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@MilaZha, posted!
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@McGuireTO theres the .618 fib @16.72. I think it will hold, possibly a flush on the open and then a recovery
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@Fida4u, Thanks! I'm playing around with a fib pull but can't quite get .618 to line up at 16.72. Do you mind sharing your swing high/low?
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How do I get the volume on the right side of the screen in trading view like in your chart above may I ask?
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McGuireTO jayrob4134
@jayrob4134, It's an indicator called volume profile. It's volume by price rather than by time.
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Learning a lot from you appreciate you !
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McGuireTO jayrob4134
@jayrob4134, Happy to hear that!
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