$AMC: Rocket Ready to Launch!
On the 3D chart of AMC we are forming a red 9 on the TD-Sequential. This finishes in 2 trading days. We can wick below the 14$ level to grab more liquidity. Although buyers seem to appear at this level. This is supported by the large VPVR node that is located at 14.5-15$.
MFI is in a downtrend that has a tendency of breaking out. We are mounting the .786 Fib which is a sign of strength. A close below 14$ would be really bad and it is most likely not going to happen. For the upswing we need to see a clean break of the 18$ level. This is a large level of resistance confirmed by a trendline that consists of 11 touch points making it valid. We also have a negative channel building resistance at 20$ with 5 touch points making it a valid pattern. The 18-20$ level are large nodes on the VPVR which indicate that there is a lot of selling pressure to be found at these levels causing AMC to retrace. These levels are really important to reclaim for the reversal of AMC. A break above 20$ with a significant amount of volume will be a great sign of reversal.
Last time we had a red 9 on the TD-Sequential AMC had a rise of 80%. If this occurs once again the options activity will become crazy. A lot of bullish options will get in the money which will help AMC to break this insane downtrend and reverse. Most likely the pain on AMC is over. A lot of reversal signals are to be found in this chart. A break of 14$ is not a likely scenario.
We will have to check what the options look like mid-week to be able to predict the price of AMC. Options below 14.5$ have really low open interest and volume which is a good sign that AMC wont break this strong support level.
The only thing keeping us down is the overall market making large retracements which brings selling pressure to AMC. When the S&P 500 becomes stable and starts reversing AMC will follow.
*WARNING* This thread is not financial advice. I am not a financial advisor.
MFI is in a downtrend that has a tendency of breaking out. We are mounting the .786 Fib which is a sign of strength. A close below 14$ would be really bad and it is most likely not going to happen. For the upswing we need to see a clean break of the 18$ level. This is a large level of resistance confirmed by a trendline that consists of 11 touch points making it valid. We also have a negative channel building resistance at 20$ with 5 touch points making it a valid pattern. The 18-20$ level are large nodes on the VPVR which indicate that there is a lot of selling pressure to be found at these levels causing AMC to retrace. These levels are really important to reclaim for the reversal of AMC. A break above 20$ with a significant amount of volume will be a great sign of reversal.
Last time we had a red 9 on the TD-Sequential AMC had a rise of 80%. If this occurs once again the options activity will become crazy. A lot of bullish options will get in the money which will help AMC to break this insane downtrend and reverse. Most likely the pain on AMC is over. A lot of reversal signals are to be found in this chart. A break of 14$ is not a likely scenario.
We will have to check what the options look like mid-week to be able to predict the price of AMC. Options below 14.5$ have really low open interest and volume which is a good sign that AMC wont break this strong support level.
The only thing keeping us down is the overall market making large retracements which brings selling pressure to AMC. When the S&P 500 becomes stable and starts reversing AMC will follow.
*WARNING* This thread is not financial advice. I am not a financial advisor.
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