$AMC: A Breakout of This Downtrend Will Send AMC to 45$
Today AMC managed to make a large move to the upside testing the high 18's. AMC is most likely going to have a retracement to 16$ to close the premarket gap. This doens't need to happen but it could be a likely scenario. The 18$ range has become a large resistance confirmed by selling volume and a large VPVR node. This resistance is also confirmed by the MFI which is displaying bearish divergence once the 18$ range is being tested. This level of resistance is also confirmed by the Ichimoku Cloud.
Today we almost got a bullish TK-Cross on the Ichimoku Cloud but we didn't make it. The 2 chart displays a slight retracement by the rejecting MFI and Ichimoku Cloud and the candlestick formation being a one-body candle which often indicates a beginning of a new downtrend. Watch for 16.6$ to be a strong level of support. A daily close below this level will cause AMC to consolidate. We almost broke out of our largest downtrend that has been forming since early november. This trendline has been touched 5 times making it a strong level of resistance. These pattern are bullish and once a breakout is confirmed it will send the price back to where it started which is in this case at the mid 40$ level. AMC also managed to break above a short term downtrend which is a sign of strength.
A close above 18$ will indicate the new uptrend of AMC.
One good thing to note is that volume is starting to pick back up which could mean that institutions are loading up long positions.
The options chain indicates that AMC will trade within 17-20$ for this week. We have 37k Volume + 12k Open Interest at 18$. We also have 40k in Volume and 13k Open Interest on at 20$. The option activity below 17$ is very poor. That makes a daily close below 17$ less likely.
*WARNING*
This thread is not financial advice. I am not a financial advisor.
Thank you for reading.
Today we almost got a bullish TK-Cross on the Ichimoku Cloud but we didn't make it. The 2 chart displays a slight retracement by the rejecting MFI and Ichimoku Cloud and the candlestick formation being a one-body candle which often indicates a beginning of a new downtrend. Watch for 16.6$ to be a strong level of support. A daily close below this level will cause AMC to consolidate. We almost broke out of our largest downtrend that has been forming since early november. This trendline has been touched 5 times making it a strong level of resistance. These pattern are bullish and once a breakout is confirmed it will send the price back to where it started which is in this case at the mid 40$ level. AMC also managed to break above a short term downtrend which is a sign of strength.
A close above 18$ will indicate the new uptrend of AMC.
One good thing to note is that volume is starting to pick back up which could mean that institutions are loading up long positions.
The options chain indicates that AMC will trade within 17-20$ for this week. We have 37k Volume + 12k Open Interest at 18$. We also have 40k in Volume and 13k Open Interest on at 20$. The option activity below 17$ is very poor. That makes a daily close below 17$ less likely.
*WARNING*
This thread is not financial advice. I am not a financial advisor.
Thank you for reading.
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