APH a convincing bear flag setup
APH has a similar setup to CGC and WEED but is far weaker; Canopy has seen enough of a bounce and a moderate enough pullback to potentially see continuation of the oversold bounce, but Aphria doubletopped at the high of yesterday (breaking by only 2 pennies) and had a much more aggressive pullback today. Both Canopy and Aphria are potential bear flag patterns on the daily, but when you look into the 4hr charts of each name you can see why the bear flag is more likely to confirm on Aphria than it is on Canopy.
Key daily levels - break 15.76 support to confirm bearflag, break 17.28 resistance convincingly with volume to negate the bearflag
Zooming into the 4hr chart you can see the much weaker bounce and the much stronger pullback that makes this setup much weaker than Canopy
Be aware there is market correlation between the mj sector with the S&P500, and keep in mind that SPY lost the daily uptrend today. It's often said that high tides raise all boats; likewise, low tides can beach all ships.
By the way, I do analysis on the entire sector across all the mj charts I publish. If you're not looking at all the names I talk about, you're not getting the full sector-wide analysis. Follow me to get updates when I publish ideas and pay attention to the mj names you typically don't look at too, so you can stay in the know and get the full picture.
Key daily levels - break 15.76 support to confirm bearflag, break 17.28 resistance convincingly with volume to negate the bearflag
Zooming into the 4hr chart you can see the much weaker bounce and the much stronger pullback that makes this setup much weaker than Canopy
Be aware there is market correlation between the mj sector with the S&P500, and keep in mind that SPY lost the daily uptrend today. It's often said that high tides raise all boats; likewise, low tides can beach all ships.
By the way, I do analysis on the entire sector across all the mj charts I publish. If you're not looking at all the names I talk about, you're not getting the full sector-wide analysis. Follow me to get updates when I publish ideas and pay attention to the mj names you typically don't look at too, so you can stay in the know and get the full picture.
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