Chart AnalysisEveryone has the right to express their opinion but at the end of the day, the chart always wins.
Keep calm and read charts.
- March 16 we hit daily rock bottom (2.65)
- March 26 we reached 5.06 before to begin the consolidation
- April 3rd we set a daily higher low 3.94 compared to 2.65.
- April 15 which was earnings, we set a daily higher high 6.00 compared to 5.06
- April 22 we set a daily higher low 4.57 compared to 3.94
- April 28 we broke the bullish higher high pattern. Daily lower high of 5.44 compared to 6.00
- May 1st we set a daily higher low 4.68 compared to 4.57 (we barely survived the bear flag confirmation)
The question now is can we break 5.44 to resume the higher high pattern? Today we broke yesterday high of the day (5.25) by 0.03. If we can't close higher than 5.28 it's fine, it can be considered consolidation heading into tomorrow. That being said we would have to at least sastisfy one of those conditions to not make bears comfortable heading in the weekend :
- Break 5.28 Friday (tomorrow)
- Not break today's low of the day, 5.12 on friday (tomorrow)
Market clearly showed it doesn't care about Aphria's fundamentals that is outperforming the sector. It all comes down to charts sadly.
Bruce Linton mentions Aphria in his recent interview with bloomberg (1 min 40 mark) saying Aphria is part of the companies with a robust cash position. Middle of the interview (3 min 45) he' says that shipping stuff to germany is not going so well, international opportunities might be reset to 0. I hope Aphria didn't remove guidance for that reason. Just his opinion so doesn't mean he's right. Link below
https://www.bnnbloomberg.ca/video/if-youre-a-pot-firm-with-a-big-balance-sheet-youre-ready-to-go-post-pandemic-bruce-linton-~1952566 Weather is nice outside but keep applying the social distancing and wear any individual protection equipement you have so you keep your family and yourself away from the hospital!
Don't forget to put the pumpers and bashers on ignore list
Cheers