A Pivotal Day Ahead for AMC
The upward channel is still intact if ~$12 price point from the last week of May is considered to be the start of the major short squeeze that people had been anticipating. Since reaching the all-time-high ~$72, the stock has been unable to breakout of its downtrend.
Because of its massive movement in price and inevitable volatility that follows, it can be argued that the consolidation range is merely widened to its current major support(~$40) and major resistant ($60) level. The two previous consolidation range (shown in red circles) have been correlated to the price range movement upward.
It will be an interesting day tomorrow(6/11/21) leading into next week(June option expiring week), as the downtrend line meets the major support line and bottom channel line. Volume exhaustion might have ended yesterday(6/9/21) with its daily volume recording a recent low. The increase in volume from here can prove to be a critical point for AMC to decide it's next big move.
The breakdown of its support(~$40) and out of the channel can signal a major downward shift. On the other hand, bounce off of its major support to breakout of its current downtrend within the channel can reignite the upward momentum to give another test to its major resistance (~$60).
Because of its massive movement in price and inevitable volatility that follows, it can be argued that the consolidation range is merely widened to its current major support(~$40) and major resistant ($60) level. The two previous consolidation range (shown in red circles) have been correlated to the price range movement upward.
It will be an interesting day tomorrow(6/11/21) leading into next week(June option expiring week), as the downtrend line meets the major support line and bottom channel line. Volume exhaustion might have ended yesterday(6/9/21) with its daily volume recording a recent low. The increase in volume from here can prove to be a critical point for AMC to decide it's next big move.
The breakdown of its support(~$40) and out of the channel can signal a major downward shift. On the other hand, bounce off of its major support to breakout of its current downtrend within the channel can reignite the upward momentum to give another test to its major resistance (~$60).
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