Disclaimer: I have long followed
AMC
and I personally hold a small position.
It recently found an area of support which will be extremely tough to break, and based on today's bounce, it confirms that.
Bull Analysis:
Recent earnings = long awaited positive statement with positive future earnings outlook
Falling Wedge with RSI divergence:
Falling wedge further information: www.dailyfx.com/educ...s/falling-wedge.html
Support and bounce from near the 76.4% fib retracement (Elliot Wave 2 target) although I still think it gets to $2.78, personally:
Upper target Wave 3 target (pre-stock split) would be $475 - $623:
Upper target Wave 5 target 200% fib(pre-stock split) would be c.$4000, but AMC hitting this seems very unlikely:
Bear Analysis:
A Break below $1.18 (pre-stock split) would invalidate the bull thesis.
Historically speaking most heavily shorted stocks will fall following a stock split. It could also break the bull thesis. Some interesting research on stocks following a stock split: www.sciencedirect.co...ii/S0148619515000648
Time will tell and hindsight is a wonderful thing.
AMC
and I personally hold a small position. It recently found an area of support which will be extremely tough to break, and based on today's bounce, it confirms that.
Bull Analysis:
Recent earnings = long awaited positive statement with positive future earnings outlook
Falling Wedge with RSI divergence:
Falling wedge further information: www.dailyfx.com/educ...s/falling-wedge.html
Support and bounce from near the 76.4% fib retracement (Elliot Wave 2 target) although I still think it gets to $2.78, personally:
Upper target Wave 3 target (pre-stock split) would be $475 - $623:
Upper target Wave 5 target 200% fib(pre-stock split) would be c.$4000, but AMC hitting this seems very unlikely:
Bear Analysis:
A Break below $1.18 (pre-stock split) would invalidate the bull thesis.
Historically speaking most heavily shorted stocks will fall following a stock split. It could also break the bull thesis. Some interesting research on stocks following a stock split: www.sciencedirect.co...ii/S0148619515000648
Time will tell and hindsight is a wonderful thing.
Order cancelled:
Piece of crap invalidated my theory. AMC is dead to me as per technical analysis goes. Good luck to anyone who continues to hold.
