N00b Chart Analysis Hope everyone is doing good!
Will only talk about the NASDAQ ticker because volume is higher and will not include after market action because volume is generally low thefore action is worthless but just my opinion
Resistances
- Today high of the day 4.90$ USD
- 4.92$ USD Daily resistance
- 4.97 $ USD Daily resistance
Supports
For me it's all about keeping the hourly uptrend intact. If we keep the hourly uptrend intact it means that we are not heading into daily consolidation. In other words, we are not done with our initial bounce that started at the line of the sand of 4.39$ USD if we can keep hourly uptrend intact
Anything above 4.64$ USD (hourly support) keeps the uptrend alive if we are to start with some red tomorrow
If we fail to maintain the uptrend it will mean that we are done bouncing and that we are entering daily consolidation
- 4.63$ USD Daily support (low of today)
- 4.55 $ USD Daily support of Friday August 28th
If both supports are broken it will not look good because we want to set a Daily Higher low compared to Thursday Low of the day which is 4.51$ USD.
The bigger the space between 2 higher lows the better
Overall I would of liked similar or higher volume compared to Friday but today's volume was lower. On the other hand, I like the fact that compared to Friday Daily candle, there's no upperwick of profit or what I like to call a shooting star.
Seems like there's a pattern going on since Thursday :
Thursday August 27th Low of the day : 4.51$ USD
Thursday August 27th High of the day : 4.61$ USD
Friday August 28th Low of the day : 4.55$ USD
Friday August 28th High of the day : 4.84$ USD
Today August 31th Low of the day : 4.63$ USD
Today August 31th High of the day : 4.90$ USD
If you didn't noticed by then, we always have a higher low of the day and higher high of the day when you compare it to the previous day. Can the bulls keep the streak alive? That can also be a sign that we enter consolidation if bulls don't maintain pattern. APHA clearly the Leading Bull in the Canadian MJ Sector.
Rest of the week will be interesting to find out if we have a good chart growing ;)
This post is for educational purposes, I don't have a crystal ball, make decisions based on your due diligence please.
Thank you for reading and have a nice evening :)