I have been sitting tight on a very large $APHA position as I added a lot of shares when the stock took a huge hit from the short report. Not going to lie, there were a lot of moments where I was sweating profusely. The fog is still very heavy around the company since nothing was really ever said from the company’s management team and they still have not announced a CEO.

But ignoring the fundamentals and looking at the chart technicals, can’t help but get a bit excited that the stock price is finally moving in the same direction as the rest of the high flying marijuana stocks

$APHA – Weekly Chart

As of the time of writing, APHA is printing a badass weekly candle with a huge price surge accompanied with a bullish MACD crossover. RSI is still in the midrange and there is a lot of air between the current price and the downtrend line formed by the previous APHA bull runs.

$APHA – Daily

The daily shows the breakout and how it’s pushing to break above the 200 MA and the ichimoku cloud simultaneously. Momentum is strong but a large part of it is probably the shorts covering. I was originally going to take some shares off at the 200 MA, but greed is setting in.

The move has been fast, its now outside of the 2 stddev bollingers, and should technically be in a high resistance area. If APHA closes into it’s high, I will probably sit and wait until Monday to assess whether I’ll take some off on a potential gap up. Weakness into the close though, I’ll probably shave some off and be very content with locking in gains and protecting my initial investment.

View Comments

There are currently no comments.

Next Post