AMC - Nasty Double Top. All Eyes On Support
While 
AMC broke out of 200EMA resistance earlier this month, things do not look good for longs currently.
We see a nasty double top on a strong resistance level, followed by a close below the recent upwards swing. We see both buyers and sellers trying their best to steer price levels to go either way, as seen from multiple dojis on a CRUCIAL support level. Whether or not this level turns into resistance, is anyone's guess.
Personally, I am looking to enter a short position once price falls through support and sets us up for a beautiful double top setup.
As with meme stocks, I would refrain from holding my position for a prolonged period of time in the event of an unlikely short squeeze.
Will be monitoring AMC closely today.
Happy trading
AMC broke out of 200EMA resistance earlier this month, things do not look good for longs currently.We see a nasty double top on a strong resistance level, followed by a close below the recent upwards swing. We see both buyers and sellers trying their best to steer price levels to go either way, as seen from multiple dojis on a CRUCIAL support level. Whether or not this level turns into resistance, is anyone's guess.
Personally, I am looking to enter a short position once price falls through support and sets us up for a beautiful double top setup.
As with meme stocks, I would refrain from holding my position for a prolonged period of time in the event of an unlikely short squeeze.
Will be monitoring AMC closely today.
Happy trading
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.