$APHA (CAD) has had a great run this month. It is currently at resistance and probability of a retracement is high. I am unloading half my position here and holding another half for a much longer term outlook. Price target is $14 then at the highs in the $20s. Short term support is around $8 and the 20 MA below that. The way I am going to play this selling a $10...
APHA is trading back into a Macro Bullish Flag or Descending Triangle drawn in dark blue, we have seen a fake-out to the downside where I have the blue human body icon, this is potentially forming an inverted H&S, and at the same time APHA is trading back into the Macro pattern, which started becoming bearish Jan 2018 during the hype before Canadian Rec.
A H&S pattern is clearly noticeable on the RSI & KST.
On the KST the right shoulder is lower than the left, but on the price the right shoulder is higher than the left, not sure if that's considered a bearish divergence but if there's further downside action it would seem accurate.
On the KST each shoulder & the head display a bearish cross where I have placed...
As usual, Cannabis stock is facing the risk of regulation and black market.
After extensive sell-off starting in March 2019, APHA may have finally found its bottom at 2.
Short-term may be choppy, but I expect the uptrend to continue as long as the demand zone holds. .
APHA has broken the downward sloping resistance of the Falling Wedge pattern outlined in blue flush to the upside, and upon back testing the area of resistance it's now turned into support.
Notice the higher high creation for the first time since 2018 ATH's?
The Green pattern in this chart is an Ascending Triangle, and upon break out of this pattern APHA has...
On a micro trading level APHA appears to have formed a bullish flag pattern, but the top resistance of the bullish flag is the same resistance of a more macro Ascending Triangle. Interesting.
The breakout to the upside will be modestly significant in terms of shaping the macro trend, IMO.
APHA seems to be tracing minor wave 3 up. If this is the case prices should trend to up to 6.53, where minor wave 3 would total the Fibonacci level of 1.618 of wave 1. If price crosses down 2.78, this analysis should be reviewed. FOLLOW SKYLINEPRO TO GET UPDATES.
APHA, a cannabis stock, seems to have finished minor wave 1 up and it is tracing down for minor wave 2. The most probable targets are from 3.39 to 2.84. If prices crosses up 4.28 this scenario will be void. FOLLOW SKYLINEPRO TO GET UPDATES.
I'm a big fan of weekly time frame analysis, the larger time frame offers in my opinion greater strength behind any pattern- bearish or bull. I'm watching for an inverse head and shoulders to form, with the near term 7.35 resistance converting into support and offering a leg up into 9.10
A break of the 9.10 neckline will offer further upside, however I do not...
It' possible that if this pattern plays out to the downside Aphria sticks in a Triple Bottom some where equal to the previous two bottoms where I have the green volume icon, ideally the third bottom should be higher than the previous two.
A triple bottom is a visual pattern that shows the buyers (bulls) taking control of the price action from the...
I hope not, but hope isn't a good investment strategy, and with the negative sentiment in the cannabis industry I wouldn't be surprised to see this get down to 1.10. This could be a giant bull flag as well, but I don't know were the buy pressure will come from in this sketchy market?
Time will tell per usual.