glennleese

Did Afterpay just break it's uptrend?

ASX:APT   AFTERPAY LIMITED
I noticed on the daily chart today for APT that it has potentially broken it's uptrend for the first time since March 23 this year.

The breaking of the uptrend itself doesn't mean its the end of the world, but in my experience, it's certainly a warning flag.

The closest daily support I can find (no a lot to work with) is around $65.80 (marked on chart)

Breaking both the uptrend and the support will be a red flag for me.

What do you think about APT? Are we seeing some resistance here, or merely a pause between rocket ships? Comment below!


Trade Safe!

Note - None of this is financial advice, merely an opinion and observation. There is no guarantee of anything occurring. Please do your own research.

Comment: Potentially just a retest of the bottom of the trend line today. No major movement. Waiting for further development:
Comment: Further breakout occurring, but nothing major, as support at 55.84 continues to hold strong for the time being. Here is an updated chart for those following:

Comment: Still retesting the outside of the trend line today...

Comment: Very interesting to see whats been happening. Technically, we are back inside the main channel and we have had a break in support. We wait to see if the channel holds. If not, it will likely drop back a little
Comment: Breaking the key support today. Let's see how the day plays out.

Comment: New lower target of $65 for APT on this chart. Let's see where the wind blows:

Founder @ Market Mentor Network
Director of Growth @ TradingView
Contributor @ Motley Fool

http://www.MarketMentor.co

Comments

I think its another shorterm retracement, it has more upside than down side as it expands to US and EU, it will go up over $90
+1 Reply
glennleese Alf200020
@Alf200020, Could well be. The current chart (see update above) seems the be back inside the main channel, despite today's pull back. Expansion is certainly interesting and the Spain acquisition gives them access to a number of EU markets. Still, largely unprofitable, losing more than $40M per year. I'm interested to see how "enthusiastic" investors will continue to be. With a shaky day on the ASX today, I think a correction could see APT at a much lower position. Still, if they can hold firm, $90 is well within reach.
Reply
Good spotting! Keen to see if those two previous peaks give us more information within the next few days.
+1 Reply
@spuro, certainly looks a little like a double top
+2 Reply
APT now continuing to break.

Reply
Breaking key support today. Let's see how it play out by EOT:

Reply
it looks like a cup and handle to me, it may have short time correction due to corona virus in Melbourne.
Reply
glennleese Alf200020
@Alf200020, That's really interesting. I can't see a cup and handle, but maybe you are on another time frame to me? Drop your chart in so we can take a look! Thanks mate. I'm actually in Melbourne but I think sales would still be strong with people staying home as you can use Afterpay online.
Reply
Alf200020 glennleese
@glennleese, ok i will show you but how to post an image in this chat?
+1 Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out