$AMC $33 Double Bottom and then $53? Unlikely or Reasonable?
This probably my last AMC publish article for this month. I don't believe in fractal theory. But If $AMC hits $33 and bounces off quickly to $40 again. It confirms two things.
1. $33 is the next double bottom. It becomes the new high lows. ($28 was the last double bottom before we hit $53 and fall down.) Along with completing the 3 drop of the falling wedge.
2. $44 is the resistance line. If we break out $44 resistance line one more time. The symmetrical of AMC is then completed. No need to search to $53 to break out.
*Bulls institution bought AMC shares around $33
Quick summary of historical data chart of AMC based on the Daily Chart
AMC fell from $14.54 on March 18th.
April 14th 2021 AMC bottoms around $8-9.
AMC meets resistance level all high at $12 on April 27th 2021. This is the resistance.
AMC was smack down to $8-9 again on May 6th. This is the double bottom.
AMC gain green candle to $10 at May 13th
AMC meet around $14 at May 18th and drops
AMC consolidate gain a new support line $12 at May 19th-21th
AMC then surge from May 25th to June 2nd from $14 to $72
AMC dips $72 all to $28 in August
AMC gain a higher low of $28 when it double bottoms
AMC surge to $53 on September 13th
AMC smack down to $33 on September 30th. $33 became new high low?
AMC surge to $44 on October 19th
AMC dips to $36 on October 22nd
So yeah this is a mixture of technical analysis and theory. But I tried to refrain from theorizing and speculating. Do I believe it? Probably not. Will it play? Probably not.
This is only base on historical chart of falling wedge, and double bottoms of AMC play out beginning this year.
1. $33 is the next double bottom. It becomes the new high lows. ($28 was the last double bottom before we hit $53 and fall down.) Along with completing the 3 drop of the falling wedge.
2. $44 is the resistance line. If we break out $44 resistance line one more time. The symmetrical of AMC is then completed. No need to search to $53 to break out.
*Bulls institution bought AMC shares around $33
Quick summary of historical data chart of AMC based on the Daily Chart
AMC fell from $14.54 on March 18th.
April 14th 2021 AMC bottoms around $8-9.
AMC meets resistance level all high at $12 on April 27th 2021. This is the resistance.
AMC was smack down to $8-9 again on May 6th. This is the double bottom.
AMC gain green candle to $10 at May 13th
AMC meet around $14 at May 18th and drops
AMC consolidate gain a new support line $12 at May 19th-21th
AMC then surge from May 25th to June 2nd from $14 to $72
AMC dips $72 all to $28 in August
AMC gain a higher low of $28 when it double bottoms
AMC surge to $53 on September 13th
AMC smack down to $33 on September 30th. $33 became new high low?
AMC surge to $44 on October 19th
AMC dips to $36 on October 22nd
So yeah this is a mixture of technical analysis and theory. But I tried to refrain from theorizing and speculating. Do I believe it? Probably not. Will it play? Probably not.
This is only base on historical chart of falling wedge, and double bottoms of AMC play out beginning this year.
Comment:
More accurate version. Hopefully they let me post the link.
More accurate version. Hopefully they let me post the link.
$44.44 Resistance /$52.78 High Resistance = .84
.84 x $52.78 = $44.33