APHA 1 Hour - Overbought

APHA has had exceptional success on the idea of an american legalization of marijuana. Profit taking should start now as there are technical signs showing that it is currently overbought. Although there may be another big pump when officially legalized. There is clearly a bearish divergence in the RSI as APHA approaches previous all time highs. The price has also greatly exceeded the regression trend on the daily chart (thick orange lines) For bulls looking to enter, patience for a dip is recommended. Price targets for a pullback are 17 or possibly 15 or as low as 10.50 in a longer term play (due to a significant price gaps). It's also recommended to see how the price reacts to the ichimoku cloud when looking for a buy opportunity.

Comment:

APHA has broken higher today, but has left a significant price gap around 20. 80% of gaps fill, so that will likely be a minimum point for a drawback.

Comment:

APHA continues higher but is showing signs of huge sell offs, a correction is inevitable.