money flow, divergence, and a potential SMA crossing.
As we approached the break out zone of the slanted inverted head and shoulders,
The 12 SMA is acting as support, and the 26 SMA is rapidly falling down, in what would be a bullish cross. (daily candles)
The last time this happened on the daily with a confirmed cross, was August 24th, were we then went on to run over 40%
Amc has been in a down trend for months, so naturally i would assume we are going to be rejected as we approach the break out point of this huge reversal pattern.
AND as the price action in the past few weeks, has made lower high after lower high, looking at the rsi making higher highs and higher highs, cant be anything other then a major sign of strength.
looking at the MFI ( money flow index) we can also see more and more money is pouring into this at these lower prices.
Not shown, but something to take note on, the on balance volume (obv) , is almost at all time highs, also meaning, someone is buying the heck out of this, at these lower prices.
i got my eyes on the 36$ range, i don't think a push up to there is unrealistic, and i also think one more huge rejection wouldn't be out of the realm of possibilities.
The 12 SMA is acting as support, and the 26 SMA is rapidly falling down, in what would be a bullish cross. (daily candles)
The last time this happened on the daily with a confirmed cross, was August 24th, were we then went on to run over 40%
Amc has been in a down trend for months, so naturally i would assume we are going to be rejected as we approach the break out point of this huge reversal pattern.
AND as the price action in the past few weeks, has made lower high after lower high, looking at the rsi making higher highs and higher highs, cant be anything other then a major sign of strength.
looking at the MFI ( money flow index) we can also see more and more money is pouring into this at these lower prices.
Not shown, but something to take note on, the on balance volume (obv) , is almost at all time highs, also meaning, someone is buying the heck out of this, at these lower prices.
i got my eyes on the 36$ range, i don't think a push up to there is unrealistic, and i also think one more huge rejection wouldn't be out of the realm of possibilities.
Comment:
was wrong, this is now invalid.