The oversold bounce is starting to feel toppy with a bearish reversal candle on the daily and declining volume. The high of the day rejected from the 20MA and we're in an hourly equilibrium now to determine if we're going to see bounce continuation or set a higher low on the daily chart.
I would also look towards Canopy for clues on how the sector leader...
Quick updates tonight.
APH saw a 12% bounce from the low of the day today and after the first 30 minutes, gave a whole lot of nothing. Aphria may have enjoyed the largest bounce today, it remains positioned weaker than Canopy heading into tomorrow. We spent most of the day inside an hourly equilibrium that has yet to set a higher low compared to the low of...
Dear Traders,
News just got out that APH will be listed on NASDAQ the 2 November, we could expect a nice reversal today due to that.
Looking on the 1hour chart I see a bullish divergence which could give us the buy confirmation I hoped to get.
Volume should go up today and tomorrow, let's keep our eyes on APH.
APH followed Canopy Growth's lead breaking its 4hr equilibrium bearish, and shortly later confirmed the daily bear flag, dumping the rest of the day closing down over 17% in one of the most stand-out bearish days this sector has seen. There is no doubt in my mind this weakness is in large part to the overall stock market dumping for the past four weeks, so be...
APH is in a similar boat to Canopy right now, stuck inside a 4hr equilibrium. The range here is 18%, over twice as large as the range Canopy finds itself inside. We are seeing the MACD start to curl upwards for the first time in quite a while, and we are patiently waiting for our higher low to be set relative to 14.11.
APH has also bounced off of the golden...
APH is also in a 4hr equilibrium, the break of which will give us clues to either further sell off or to the low of the dump being in.
I'm looking at support of 14.11 and resistance of 17.33. Our lower high may be set at 16.77 but I'm not yet convinced by this.
A break of 14.11 and we're looking down to 13.76. A break of resistance and we have a lack of...
Taking a different approach today, starting with the long term weekly chart. APH looks more and more toppy with each passing week with bear volume standing out and upper wicks of profit taking. Bulls were barely able to break the high of last week. Our weekly lower high is now set at 20.96 and the must hold level to maintain the weekly uptrend is 15.76...
APH.TO took a hit like the rest of the sector a day before Can legalization, but looks to be one of the stronger ones. ie. its chart is not completely damaged like most of the names.
APH, WEED/CGC and ABC.TO held up the best. If price holds above the triangle a run to the high 20's is possible.
APH saw a higher open this morning and broke the daily inside bar bullish but remains within its hourly equilibrium. The daily bull flag setup remains as the range gets tighter and tighter. MACD is curling up and we want to see a clearer spike tomorrow and increasing volume.
Bulls are trying to hold 19.79 as an hourly support but we're far from convinced...
A break out for Aphria is likely above 20.69$. Watch volume closely as it will give a great indicator to determine if a breakout will likely occur.
Side Note: APhria and Tetra Bio pharma backed NBUD.C (North Bud farms) valued at 22$ million and targeting the consumable market is poised for significant gains over the next 4 months. Strongest recommendation to...
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