RE:N00b Chart AnalysisN00bInvesT0R wrote: 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 :)
You know the drill, APHA on the Nasdaq due to volume.
The break of the bullish pattern I described (Higher High of days + Higher Low of days) in the previous post that happened on Tuesday (Sept 1st) to signal Daily Consolidation happend. Today we can almost say that the pattern is carrying it's way on in the opposite direction (Lower High of the Day + Lower Low of the day compared to Tuesday)
That's just me noticing things, the pattern are not important but noticeable ( S & P 500 is on a 10 day streak with that bullish pattern)
Key Supports
4.68 $ USD today Low on the hourly time frame (explanation later)
4.67$ USD today Low of the day
4.63$ USD Monday August 31th low of the day
4.51$ USD (where the bounce started)
So now the question you probably have is how do you know that we are done consolidating?
We need a hourly trend change which is a Higher Low + Higher high on the hourly TimeFrame
- When we zoom in the hourly, we can see that the low is 4.68$ USD and we started to bounce and topped out at 4.78$ USD
- We then consolidated at 4.71$ USD what seems to look like a triple bottom
- Assuming tomorrow we don't break that support, we have our higher low compared to 4.68$ USD so we would have to break 4.78$ USD to then set our hourly higher high
We are still looking for a Higher Low compared to 4.51$ USD.
The earlier we find it, the more likely we will be looking to then set a Higher high compared to 4.90$ USD (top of this recent bounce Monday August 31th)
If we set a Higher low that is tight compared to 4.51$ USD then we will be more likely to set a Lower High compared to 4.90$ USD.
Key Resistances
4.78 $ USD from previous explanation
4.79$ USD Today High of the day
4.87$ USD Tuesday (Sept 1st) High of the day
4.90 $ USD Monday (August 31th) High of the day where the bounce topped
Like I described the importance of setting a Daily Higher low compared to 4.51$ USD & space between
to look for a Higher High compared to 4.90$ USD to continue the Daily Uptrend.
Next update for the people that enjoy reading my technical analysis post will be if we break 4.51$ USD (main Key Daily Support) or 4.90$ USD (main key Daily Resistance).
And yes I will stop saying USD for that next post ;)
Thanks for reading and have a good evening