AMC: Above its support level again!
• AMC looks quite resilient since our last analysis on it;
• Although it did a bottom sign last week, AMC couldn’t trigger the reversal pattern. However, the support level we mentioned at $6.80 is still working, as at any moment AMC closed a candlestick under this line;
• Since it is retesting this support for the second time, this could be a Double Bottom chart pattern;
• Either way, AMC must break the $7.89 in order to truly reverse, as this will frustrate the previous H&S chart pattern, and the target would be the previous top at the second shoulder, around $10.74;
• If AMC loses its support at $6.80 again, then it’ll probably seek the next support levels (red lines);
• Would be good to see the volume increasing to confirm any bullish reversal;
I’ll keep you guys updated on this. Remember to follow me for more analysis like this! Keep in touch.
• Although it did a bottom sign last week, AMC couldn’t trigger the reversal pattern. However, the support level we mentioned at $6.80 is still working, as at any moment AMC closed a candlestick under this line;
• Since it is retesting this support for the second time, this could be a Double Bottom chart pattern;
• Either way, AMC must break the $7.89 in order to truly reverse, as this will frustrate the previous H&S chart pattern, and the target would be the previous top at the second shoulder, around $10.74;
• If AMC loses its support at $6.80 again, then it’ll probably seek the next support levels (red lines);
• Would be good to see the volume increasing to confirm any bullish reversal;
I’ll keep you guys updated on this. Remember to follow me for more analysis like this! Keep in touch.
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