AP still in an upward channel but may correct

AP might have spiked last Thursday and we think it might reach the previous recent high but based on the movement last Friday there is a reason to be alarmed. See how the long the upper wick of the candlestick and you will notice that even a hard push to the top, the bears were able to counter it. If this bearish sentiment will be confirmed tomorrow then AP may fall. It is also very important to monitor the 23.6% Fibonacci Retracement level and see if it will be broken. This is our first line of defense from the bears. If no confirmation from the Doji then AP will continue to rise but a fall may bring the price to 35.2

Based on our weekly chart, there is a tendency for AP to move down at 33.55 This is also in anticipation that AP is developing an upward channel and is currently correcting and may create the next higher low.

Ichimoku system on both daily and weekly is still saying AP is in a bullish mood. Until one or two element may change sentiment, then extra care should be taken.


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