N00bInvesTOR Charts Ticker APHA on the Nasdaq because volume is higher than TSX. The higher the Volume, the more meaningful the price action.
Comments before diving in
Tomorrow Elections result will be out and I think that the Outcome of those results will greatly affect the price action tomorrow
All the Canadian MJ (ACB, CRON, CGC, APHA) are in the same position, they need to see a Bullish Hourly Trend Change to confirm that the Daily Bounce just begun and that today was just a healthy consolidation. CRON Doubled topped to the penny 6,12 but not enough time left.
Biden Victory will confirm the Bullish Scenario, Bullish Hourly Trend Change, more Daily Bounce UnderWay. More Details in the charts later
Trump Victory would help the Bearish Scenario, Bearish Hourly Trend Change, Daily Consolidation under way, anything above 4.32 = Daily Higher Low. More details in the charts later
Bullish Trend Change requires : Higher Low + Higher High
Bearish Trend Change requires : Lower High + Lower Low
Price Action Analysis Bulls Point Of View
You want to see Biden win the Elections.
- Monday was a continuation of Friday recovery.
- Hourly Bounce started at 4.32 and topped out at 5.17
- 4.81 Higher Low compared to 4.32 has been established.
- Not enough time left to determine if 5.04 was a Lower High
- One can argue that 5.03 is a double top to 5.04 but not enough time left
- Increasing Bull Volume, higher than Monday
Burden of proof on the Bulls for confirmation, you don't want 5.04 to be a Lower High compared to 5.17 and you want to see 5.17 break tomorrow morning as soon as the market opens. 1 Candle = Price Action of 1 Hour https://www.tradingview.com/x/J7IgXCjP/
If we break 5.17 tomorrow morning, zoom out to the Daily Time Frame
1 Candle = Price Action of 1 Day https://www.tradingview.com/x/3y7QNunD/
- First Resistance 5.38
- 2nd Resistance gap to fill at 5.80
- Breaking both resistance from Today close = 16% potential
Price Action from a Bear Point of View
- You're hoping that Monday rally was just another Pump and Dump Story
- Trump Wins the Elections
- 4.81 break tomorrow morning to confirm Hourly Downtrend
- 5.04 Lower High compared to 5.17
- WhereEver the price Tanks Lower Low compared to 4.81
1 Candle = 1 Hour Price Action https://www.tradingview.com/x/ppqTiGR2/
Zoom out to the Daily, Ideally you want it to tank as much as possible so that if we see a Higher Low compared to 4.32 it happens near 4.32. The more there is space between Higher Lows, the healthier for Bulls which is something you don't want as a bear. Ideal scenario would be a massive bear break and not see 4.32 hold up. Would only happen if Bear Volume exceeds Monday Bull Volume.
1 Candle = 1 Day Price Action https://www.tradingview.com/x/yNERyu2y/
Disclaimer
This post is for educational purposes, it's just my opinion, I'm not a Financial Advisor or Price Action Fortune Teller. Make the decision to Buy or Sell the Stock Based on your own thorough Due Diligence.