AMC
AMC
AMC Chart Review
Pinned straw:
Discl: Not Held, Usual For Entertainment Only caveats apply
@tomsmithidg, notes on AMC over 3 time horizons:
Firstly, zooming out through to Jul 2013 which is as much data as I have.
- All time Low = $34.85 - that would be the downside risk
- 49.43 is looking to be rather strong support going back to Jul 2013, then re-tested successfully in Jan 2020
Zooming in from ~Oct 2020:
- Clear Double Top Reversal around June 2022, downhill since then
- Bounces up have been around past support levels as drawn
Zooming further in from June 2024:
- A Double Bottom MAY have already been formed
- If the current leg hits $51.29-ish, then the 3rd bottom could be formed, which MIGHT suggest a trend reversal from bottom to up - but given market sentiment overall with the war, inflation etc, its anyone’s guess
- This would be the only signs I can see of a reversal occurring - no idea if there is a business catalyst that might make the reversal more real than not
- If it turns up from here, the rally should be capped around 59.96 in the short/intermediate term
@tomsmithidg, there might well have been an inverted Head & Shoulders formed this week ..
Price target is shy of ~$60.00, which coincidentally, happens to be a decent support/resistance area AND the 200SMA. Price rises in the short term is likely to be capped around those levels ..
Can't tell if the trend has reversed to up clearly yet, but given the reasonably decisive break above the neckline, probability is decent that the downtrend might have been halted, if nothing, temporarily!
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