Checking back in on APH. I’ve been on vacation and during that time was stopped out at $12.16 on Tuesday, I was disappointed with this until they released the NR about the Private Placement at $11.85. Looking at the daily chart APH rejected from it’s previous resistance of $13.04 and found support today at $11.50 which is inside our trading range of $13.14 and $11.25. Today was a very strong close but it looked like a short squeeze, I’m very cautious personally right now and I’m only taking short trades with tight stops. Watching Monday for continuation but with the PP not closed yet I am not expecting APH to break out of it’s trading range any time soon. A break over $12.40 would be a good sign of strength as APH has rejected from that level at least 4 times in the last two weeks. I’m fairly neutral on APH atm as far as where I think it’s going, I expect it to stay within it’s trading range and tighten over the next several trading sessions especially with the PP not closed yet. A break of $13.14 will certainly change my mind, I think entries will be easy to spot if it starts to head in that direction, I’ll be watching the 5 and 15min charts for that. Sorry not a whole lot to say about APH right now that can’t easily be seen on the chart, just doing a quick follow up.
APH had bullish continuation today after a bounce from the 50sma yesterday. I was able to open a position at $11.60 and have a break-even stoploss. The close wasn’t as solid as I would have liked to see but overall the day was fairly bullish. Will be looking to hold $11.66 Monday as resistance becomes support once again. Here is the 60 min chart, you can see we closed over the trend-line.
On the daily chart you can see we rejected from the 9ema, looking to break that Monday as well as a few other resistance levels at $11.90, $11.95 and $12. APH has some work to do but today was a good start.
The weekly chart still shows the same setup that drew me to it in the first place, looking to confirm that next week. It would appear a higher low has been set.
APH lost key support today of both the 34ema and the $11.60 level, filling the gap from the 14th and finding support at the 50sma.
Taking a look at the 60 min chart shows a nice oversold bounce from 23 RSI. If you followed the trade updates from past posts you know I was stopped out break even or better on two positions over $12 and re-entered at $11.74, but was stopped out for a loss on the break of $11.60 today. I did not re-enter on the bounce as I was not present, but will be watching to see if it follows through or retests this level tomorrow. Unfortunately this trade has not gone the way I had hoped but trade management has kept it painless thus far, still looking for a bullish move from this stock. The 50sma on the daily is a very important must hold at this time. I will likely scale in on bullish momentum early tomorrow with a very tight stop. Macro factors will also be weighed and considered as markets may be shaky tomorrow with the politics at hand.
If you are wondering why I am being persistent with APH instead of moving on, it is because it’s a prime candidate for multiple catalysts on top of a chart that looks ready to move, if I can secure a swing in this stock it will be a great place to be if news drops and with the vote coming and rumors in the air I prefer to leverage the odds in that regard. I also consider it fundamentally safe relative to some of it’s peers and I think this is a time when more investors will be looking at these stocks from a more fundamental perspective.
Quick follow up on APH. It started off with some games and a stop loss flush (which stopped me out for break even) and then bounced nicely. It failed to break the resistance of $12.39 though and then the struggles began, eventually caving to the macro influence of OIL and the S&P500 etc which were all down substantially on the day. Support was found at $11.65 today at the 34ema which has now been tested 3 days in a row. Overall not looking as good as it was, tomorrow will be telling and it will be dependent on global movements imo. I personally took another position later in the day and will see what tomorrow brings, either stop out again and accept defeat, or this will play out in my favor.
HMMJ had a solid day after bouncing off it’s lower trend-line, support is now $17.45 which is a higher low on the daily trend. Looking for continuation tomorrow and looking for a new high in the trend sometime in the next week over $18.52. I personally took a position in HMMJ on Friday at $17.64 and was able to move my stop into break even territory mid-day. I intend to leave my stop fairly loose from this point in hopes of a big move, not allowing volatility to stop me out too easily.
APH had an interesting day, while not incredibly bullish it did provide an opportunity to buy a potential bottom on this pullback. I personally entered a trade today, and while unimpressed with the follow through I did manage to stay in the trade and end the day with a profitable stop, assuming I don’t get stopped out at the bell in the am. I’ll show where and why I entered below, but first a look at the daily chart.
Gap up open failed and rejected from the 9ema, but quickly found support close to Friday’s low which formed a double bottom at 11.64. This is now a key level as it held the last two trading days as well as the 14th, and was resistance on the 10th. I’m looking for it to break the two previous highs of $12.09 and $12.39 early tomorrow for bullish continuation and then we are looking at $13 and $13.14 resistance.
As mentioned I did enter a position in APH today at $11.86 on the second green candle on this 5 min chart. I could have had a lower entry but hesitation cost me a few cents and I really wasn’t trying to call the bottom and waited for confirmation. I left my stop at 11.76 below that 2nd candle low for the day and moved it to break even just before close. I was comfortable entering on this candle after a high volume flush, probably taking out a bunch of stops and a very convincing bounce which I entered on. My only concern now is stopping out on a similar flush in the morning and having it run away, but if I do at least no money was lost.
HMMJ followed through with the reversal pattern. If you went long on the 5-18 you can maintain a stop at break even, unless you moved it up and stopped out on the pullback in which case it’s time to start scouting an entry again. HMMJ is certainly establishing an uptrend after setting another higher high at $18.52, now looking to set a higher low above $17. Again watching shorter time-frames for reversal and confirmation before entering in the next day or two of trading.
HMMJ set a new daily higher high today but use caution if you are long as it formed a reversal candlestick pattern on the daily chart after rejecting from it’s 100sma and the 60 min chart is close to overbought territory. Recommending tighter stoplosses to protect profits.
Checking in with HMMJ, early morning on short term time-frames gave multiple signals for entry. Buying in at open was an option, with a stop below yesterdays close got you in at $17.02, or watching volume, moving average crosses and resistance breaks gave entry signals from $17.02 through $17.47, so a wide range of profitable entries to be had. Breaking $17.22 was the most significant and easy to spot entry on the day, with plenty of volume to support it.
Looking back on the daily we closed just shy of it’s major resistance of $17.92 while closing at HOD so looking for continuation into next trading day to set a new higher high. Uptrend seems to be establishing nicely, good time to stay long. Stop level $17.02, or higher.
HMMJ was down close to 2% on the day with APH and ACB leading the pullback. It closed close to it’s 50sma and 9ema, looking for support there but must hold is still above $16.02 to set a higher high, daily uptrend is still very much in tact. Watch the shorter time-frames tomorrow morning for a possible flush and then reverse of the short term downtrend. Resistance for a higher high on the daily is $17.92.
HMMJ is finding support at previous resistance of $17.32, this would be good to hold as support but not critical, looking to hold between $17.35 and $16.90, must hold is $16.02 to set a higher high and maintain this new uptrend. $17.92 is now resistance to break for another daily higher high. Could be a good long entry in the next few days, watching the shorter time-frames for reversal.