AMC: Be aware of these Key Points for the short/mid-term!
Hello traders and investors! Let’s talk about AMC today!
In the 1h chart, we have a support level at $ 7.63 (black line), and a trendline connecting the previous tops, which is working as a resistance. If AMC is about to do anything next, regardless of if it is up or down, it must do a breakout from one of these lines.
The volume has been quite low during the last candlesticks, indicating that the next big movement will occur soon. In moments like this, the 21 ema is totally useless, and it is not a reliable support/resistance level.
Now, let’s see the daily chart for more clues:
We have what could be a huge round bottom in the daily chart, which means that we might see some rally next, up to the pattern’s target, which is around $ 20. AMC is above the 21 ema in the daily chart, which is good. Unlike in the 1h chart, where we have an annoying congestion, here the 21 ema might still work, as AMC is still trending.
But what really caught my attention is the volume. When the stock spikes, the volume increases a lot, but when is drops, it starts to diminish again, showing that the bulls are in control of the situation, and they are really moving AMC.
Either way, if AMC loses the 21 ema and the support level in the 1h chart, the next stop would be the black line at $ 5.22. But if we see any bullish pattern around here, we could see an excuse to buy, and if it breaks the purple trendline, even better.
Remember to follow me to follow me to keep in touch with my daily studies, and if you’ve read this far, you must’ve found this analysis interesting, otherwise you wouldn’t still be here, right? If that’s the case, please support this idea!
Thank you very much!
In the 1h chart, we have a support level at $ 7.63 (black line), and a trendline connecting the previous tops, which is working as a resistance. If AMC is about to do anything next, regardless of if it is up or down, it must do a breakout from one of these lines.
The volume has been quite low during the last candlesticks, indicating that the next big movement will occur soon. In moments like this, the 21 ema is totally useless, and it is not a reliable support/resistance level.
Now, let’s see the daily chart for more clues:
We have what could be a huge round bottom in the daily chart, which means that we might see some rally next, up to the pattern’s target, which is around $ 20. AMC is above the 21 ema in the daily chart, which is good. Unlike in the 1h chart, where we have an annoying congestion, here the 21 ema might still work, as AMC is still trending.
But what really caught my attention is the volume. When the stock spikes, the volume increases a lot, but when is drops, it starts to diminish again, showing that the bulls are in control of the situation, and they are really moving AMC.
Either way, if AMC loses the 21 ema and the support level in the 1h chart, the next stop would be the black line at $ 5.22. But if we see any bullish pattern around here, we could see an excuse to buy, and if it breaks the purple trendline, even better.
Remember to follow me to follow me to keep in touch with my daily studies, and if you’ve read this far, you must’ve found this analysis interesting, otherwise you wouldn’t still be here, right? If that’s the case, please support this idea!
Thank you very much!
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