AMC: Hit our target (again)! Any reversal sign ahead?
Hello traders and investors! AMC is doing some very interesting and technical movements recently. Since our last analysis, it did a downwards breakout from the Trap Zone, and it hit our target today. The link to our previous public study is below this post, as usual.
Now, AMC hit our target and it is near a support area. In the 1h chart we have the $ 9.93 area, which seems to be working, but we have even more support levels in the daily chart. But before we talk about the daily chart, we have a few things to keep in mind.
First, it lost our Trap Zone by doing a Breakaway Gap, which is a quite powerful pattern. When this happens, we usually see a very strong movement next, and it was almost certain that it would hit our target.
Now, it seems AMC is trying to do a Harami, a candlestick pattern that in normal circumstances has a random chance of working as a reversal, but when it is near a support level, these odds increase. The Harami wasn't triggered yet, so we still must wait. Now to the daily chart:
In our last study, last week, we set a target at the 21 ema and the pink line area (after a downwards breakout of the Trap Zone), and right now, AMC is sitting right at our target. We have no clear reversal sign in the daily chart, but if we see one, it would be a nice opportunity to buy AMC, at a good price, with a great Risk/Reward ratio.
The reaction in the 1H chart is promising, yes, but we have yet to see a confirmation in the daily chart. If AMC triggers any interesting pattern around, the $ 20.36 is the next target to work with. But wait for confirmation!
And remember to follow me to keep in touch with my daily studies, and if you liked this idea, please, support it with your like!
Thank you very much!
Now, AMC hit our target and it is near a support area. In the 1h chart we have the $ 9.93 area, which seems to be working, but we have even more support levels in the daily chart. But before we talk about the daily chart, we have a few things to keep in mind.
First, it lost our Trap Zone by doing a Breakaway Gap, which is a quite powerful pattern. When this happens, we usually see a very strong movement next, and it was almost certain that it would hit our target.
Now, it seems AMC is trying to do a Harami, a candlestick pattern that in normal circumstances has a random chance of working as a reversal, but when it is near a support level, these odds increase. The Harami wasn't triggered yet, so we still must wait. Now to the daily chart:
In our last study, last week, we set a target at the 21 ema and the pink line area (after a downwards breakout of the Trap Zone), and right now, AMC is sitting right at our target. We have no clear reversal sign in the daily chart, but if we see one, it would be a nice opportunity to buy AMC, at a good price, with a great Risk/Reward ratio.
The reaction in the 1H chart is promising, yes, but we have yet to see a confirmation in the daily chart. If AMC triggers any interesting pattern around, the $ 20.36 is the next target to work with. But wait for confirmation!
And remember to follow me to keep in touch with my daily studies, and if you liked this idea, please, support it with your like!
Thank you very much!
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