Clearly we had a false upside breakout this past week. Double top setup, low volume and rejection of 50% retracement is bringing us down out of our massive wedge. We unfortunately look to be heading towards more downside for greater technical support.
There is hope though given we have earnings coming out Dec 8 (after hours), we are gradually gaining more institutional buying volume like we were starting to get last year before the run up, and we also have the possibility of Loopring adoption by GME which could be game-changing.
Adam Aron (AMC CEO) also will be announcing big news on this Sunday (11/28) which could bring in some more buying power come Monday.
I would not doubt if we retest some Summer lows before the grand run up, but either way I am not selling until we at least break past all-time highs. Please note that I am not financially advising anyone to do anything, I am just sharing what I am looking at and what I am doing.
I am LONG GME and AMC
There is hope though given we have earnings coming out Dec 8 (after hours), we are gradually gaining more institutional buying volume like we were starting to get last year before the run up, and we also have the possibility of Loopring adoption by GME which could be game-changing.
Adam Aron (AMC CEO) also will be announcing big news on this Sunday (11/28) which could bring in some more buying power come Monday.
I would not doubt if we retest some Summer lows before the grand run up, but either way I am not selling until we at least break past all-time highs. Please note that I am not financially advising anyone to do anything, I am just sharing what I am looking at and what I am doing.
I am LONG GME and AMC