AMC and H&S on 1 Hour

21 thg 10, 2021

Can't spell it out any more strongly than the above image. Not a point head H&S but a bullhead. Aligns perfectly with the Pennant Flag on the Daily chart. Around that 40 line is the base (neckline) and around 36.70 is a confluence and consolidation area that it took off from. You could also say it took off from 38.00, but 36.70 lines up better with the large time frame pennant. Touch this 36.70 area and it also touches the lower angle on the Pennant seen easily from the Daily or even Weekly charts. This then is the final leg to go back up and take out the pennant to the upside (or possibly hit upper one last time, come down one last time and back up again for one last time and breakout just around earnings). Coinciding with earnings, which AMC has been favoring with upside movements this past year. See my posting on the Daily Chart Pennant for AMC to see quarterly earnings coinciding with upward thrust.

21 thg 10, 2021

Ghi chú

I'd like to add that I'm seeing obvious support line at 37.70, above the support at 36.70. I'll show another chart to discuss. But depending on how long it takes AMC to touch the bottom of the pennant on the Daily, the angle does differ. At one point it's 36.70 support and at another 37.70 few days later. Both are strong support outside of a pennant and naturally would line up with the pennant.