ACB loses key weekly levelACB had a clear bear break today, and there is a lot of space before next supports are encountered. Bears are in full control
Mjstocks
Canopy Growth breaks key daily and weekly supportsClear bear breaks today keep the bulls in full control of CGC and WEED in every timeframe. Currently in an area with a lack of support. A weak afternoon bounce leaves us in an hourly bear flag setup heading into tomorrow morning, bulls must hold the low of today tomorrow as a first step in negating that flag.
APHRIA price crashing after credible allegations levelledAPHRIA is under a short attack, and down 40% in two days after credible allegations have come out about fraud, stealing investors money, and dilapidated international facilities. I have no way of knowing if these allegations are true or not, the truth is probably somewhere in the middle, but the video is very damning. The short seller took a flight overseas and did boots on the ground due diligence, gave a 47 minute presentation, and took questions form the audience.
Aphria hasn't responded to the allegations and their stock price is crashing as a result, and will likely continue to until they can stand up and give credible evidence to refute the allegations.
Please watch this video, whether your in APHA or another stock in the sector, so you are aware of what's going on and make your own decisions. Keep in mind this drama is a millstone on the entire sector, and other names in the sector are having correlated bearish reactions to this problem facing Aphria.
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ACB testing key support first thing; lack of support if breaksACB has a key test of support first thing tomorrow, and there's a lack of support near by should the chart see a bear break
Watching TGOD, OGI, HEXO, and CRON into next weekNice setups on a few names heading into next week
TGOD
S: 3.16
R: 3.41
OGI
S: 5.23
R: 5.65
HEXO:
S: 5.65
R: 6.19
CRON:
S: 7.70
R: 9.08
APHA remains weakAPHA remains the weakest long term chart in the sector but some weird price actin Friday caught my attention
CGC tightening patternWatching CGC tightening pattern break for a solid dump or bounce.
R: 34.85
S: 33.08
APHA remains the weakest name in the sectorAPHA confirmed the daily bear flag, while the rest of the sector is still holding key support - but the bulls don't have my confidence it will hold.
APHA key levels first thing tomorrow is the low of today, and the high of the recent daily bounce.
S: 11.86
R: 13.75
APHA surges on Jeff Sessions' ResignationBig move today following a tweet buy President Trump that he has accepted the resignation of Attorney General Jeff Sessions
twitter.com
This came after a clear hourly bear break across the sector singling some daily consolidation was coming, but this breaking news clearly sidetracked that plan and delayed consolidation for at least a little while. I am closely watching for the hourly trend to change as the daily chart is very over extended right now
Key levels for tomorrow:
S: 16.03
R: 17.33
ACB surges on Jeff Sessions' ResignationBig move today following a tweet buy President Trump that he has accepted the resignation of Attorney General Jeff Sessions
twitter.com
This came after a clear hourly bear break across the sector singling some daily consolidation was coming, but this breaking news clearly sidetracked that plan and delayed consolidation for at least a little while. I am closely watching for the hourly trend to change as the daily chart is very over extended right now
Key levels for tomorrow:
S: 9.59
R: 10.75, 11.29
CGC surges on Jeff Sessions' ResignationCGC saw a huge move on President Trump's tweet that he has accepted the resignation of Attorney General Jeff Sessions
twitter.com
This came after a clear hourly bear break singling some daily consolidation was coming, but this breaking news clearly sidetracked that plan and delayed consolidation for at least a little while. I am closely watching for the hourly trend to change as the daily chart is very over extended right now
Key levels for tomorrow:
S: 45.10
R: 48.13
APHA fails to break daily inside barAPHA has another inside bar on the daily. Watching key levels first thing tomorrow
S: 15.11
R: 16.09
ACB finishes strong on weak volumeACB gapped up over the key resistance and saw profit taking, fighting back throughout the day to climb to a new high of day.
Levels I'm watching
S: 9.07
R: 9.88
CGC breaks the inside bar bullishCGC had a nice little move after breaking the daily inside bar today. I'm looking for some profit taking tomorrow as the hourly chart needs a new support above 36.67
S: 36.37
R: 41.06, 42.43
APHA watching the hourly uptrend APHA has an hourly uptrend on watch to determine if we're going to see bounce continuation or healthy daily consolidation.
Key levels
S: 15.07
R: 16.17
ACB hourly uptrend on watchWatching the ACB hourly uptrend, the loss of which will signal healthy daily consolidation is coming. A break of Thursday's high of 9.28 will have us looking for bounce continuation.
Key levels:
S: 8.84
R: 9.28
Watching CGC hourly trend for clues on this bounceDecided to try something a little different today because I don't want to type up a bunch of analysis.
I'm watching the range of Thursday to break to tell me if we're going to see bounce continuation of a healthy pullback to form a daily higher low, and then try to change the daily trend with a higher high.
Key levels:
S: 35.85
R: 38.28
APH hourly equilibrium on watchThe 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 breaks.
Key levels for hourly eq:
S: 14.65
R: 15.54
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For anybody looking at any individual stock it is imperative to keep an eye on the overall market and the analysis I do on SPY. The correlation of every individual name and sector to the market is very real and affects every stock you own.
ACB hourly equilibrium on watchThe 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 100MA 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 breaks.
Key levels for hourly eq:
S: 8.63
R: 9.12
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For anybody looking at any individual stock it is imperative to keep an eye on the overall market and the analysis I do on SPY. The correlation of every individual name and sector to the market is very real and affects every stock you own.
CGC hourly equilibrium on watchThe 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 100MA 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.
Although we have some new levels from after hours, there was minimal volume there so I am not giving those much credibility.
Key levels for hourly eq:
S: 35.85
R: 37.77
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For anybody looking at any individual stock it is imperative to keep an eye on the overall market and the analysis I do on SPY. The correlation of every individual name and sector to the market is very real and affects every stock you own.
Aurora bulls buy the gap down openQuick updates tonight.
ACB had a big gap down and giant bounce in the first 30 minutes of trading, and remained in an hourly equilibrium for the remainder of the day. Bulls made an attempt at a new high of day in late afternoon but came 4c shy of resistance.
The end of the day saw SPY with big bull move finishing up near the high of the day on the strength of both the tech sector and financial sector, while Canadian MJ was unable to derive any momentum from the this move. That does give some reason for concern with bulls being so close to resistance but unable to break it.
Tomorrow first thing the bulls want to break our two hourly resistances in order to see bounce continuation. Failure to do so a second time would be a red flag.
Key levels:
Support: 7.55
Resistance: 8.16, 8.20
If the bulls find the momentum to break this range and see continuation on the hourly bounce, we would look for a 4hr lower high compared to 11.29. There are numerous hourly resistances on the way up to that level, giving Aurora several more hurdles that Canopy and Aphria don't have to deal with.
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For anybody looking at any individual stock it is imperative to keep an eye on the overall market and the analysis I do on SPY. The correlation of every individual name and sector to the market is very real and the market has been showing significant weakness over the past four weeks. This correlation affects every stock you own.
Aphria sees the largest bounceQuick 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 consolidation, where as Canopy has clearly set that higher support level.
The end of the day saw SPY with big bull move finishing up near the high of the day on the strength of both the tech sector and financial sector, while Canadian MJ was unable to derive any momentum from the this move. That does give some reason for concern with bulls being so close to resistance but unable to break it.
Tomorrow first thing the bulls want to break our two hourly resistances in order to see bounce continuation. Failure to do so a second time would be a red flag.
Key levels:
Support: 13.00
Resistance: 13.85, 13.95
If the bulls find the momentum to break this range and see continuation on the hourly bounce, we would look for a 4hr lower high compared to 16.77.
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For anybody looking at any individual stock it is imperative to keep an eye on the overall market and the analysis I do on SPY. The correlation of every individual name and sector to the market is very real and the market has been showing significant weakness over the past four weeks. This correlation affects every stock you own.
Canopy leads MJ sector bounceQuick updates tonight.
CGC saw a 10% bounce from the low of the day today and after the first 30 minutes, gave a whole lot of nothing. We spent the rest of the day inside an hourly equilibrium that we're waiting on the break of for either bounce continuation or on another leg down to potentially lower lows.
The end of the day saw SPY with big bull move finishing up near the high of the day on the strength of both the tech sector and financial sector, while Canadian MJ was unable to derive any momentum from the this move. That does give some reason for concern with bulls being so close to resistance but unable to break it.
Tomorrow first thing the bulls want to break our two hourly resistances in order to see bounce continuation. Failure to do so a second time would be a red flag.
Key levels:
Support: 33.05
Resistance: 34.47, 34.92
If the bulls find the momentum to break this range and see continuation on the hourly bounce, we would look for a 4hr lower high compared to 40.00. However there is a lack of resistance after 34.92 so could see some nice follow through
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For anybody looking at any individual stock it is imperative to keep an eye on the overall market and the analysis I do on SPY. The correlation of every individual name and sector to the market is very real and the market has been showing significant weakness over the past four weeks. This correlation affects every stock you own.
