I'm anticipating a bottoming head and shoulders
pattern for AMRS
. I've been long from 11/7 at $3.25. I entered a bit early to snag a position, and I'm using the bottom of the right shoulder area around $2.80 as my exit. Looking for a short term measured move to near $6 if it can break the neckline and hold above $4. There's also a gap fill close to $8, which would be my next price target area. I will probably add a tier 2 position above the neckline area near $4 and look to take profits around the $6 and $8 area if it gets there. The risk to reward is at least 2:1 in a good scenario and 4:1 in a great scenario. If it gets to $8, I will take probably at least 80% of my position off and see if it can run to $10 or higher. Any feedback or insights would be much appreciated. Thank you.