Quick disclaimer, I've posted many Ideas for this stock expecting an uptrend and they haven't panned out, but I'm going to pull out my inner Michael Burry and claim that I don't think I'm wrong, I'm just early.
AMC is currently being pinched in two downtrends that date back to Aug 24th and 25th.
The closer resistance would require the stock to break/stay above...
AMC is currently testing the macro resistance for the 4th time.
The stock is currently getting pinched between the Bollinger Bands.
RSI is oversold on all timeframes.
In 2021, AMC started making moves after MLK day.
Hell of a lot of options expiring on Friday.
Impossible to say if it will be a bullish or bearish move considering everything we've seen...
Above you can see AMC's 4h chart.
As you can see, we have broken above the heavy macro resistance , which dates back to April '22. We even retested it and found support today.
No dates, no price targets. Just showing you the TA I'm seeing here.
RSI is also oversold on the 4h and volume is picking back up.
So there are a few trend lines that I've been tracking that date as far back as the June 2021 run up (Purple).
We are currently surfing along the top of this Purple trend line and, with the help of some kind of catalyst (earnings is right at the closing point of the trend line) and some high volume, I think we are ready to fly.
The Orange and Green trend lines...
Check it out, the aqua blue and orange lines represent the downtrend we've been following since the March run-up. Today the price is being pinched between both lines. Monday could be the day. Not saying MOASS on Monday but probably time for some upward momentum.
A lot of AMC apes are worried about the day-to-day price movement. In my opinion, as long as it doesn't drop below 14.50 for more than a day, I'm hyper-bullish on a run up between now and the start of August.
Keeping calm and accepting that this could take a couple more months before it blows will do wonders to investors' mental health. Stop worrying about...
Descending triangles are normally seen to be bearish, but in AMC's case the fundamentals, current hype and the company,s recent investment in mining company HYMC leads me to believe this is a bullish scenario. We've fallen out of a 9 month falling wedge but we still haven't exited the triangle. My prediction is that this will happen between now and mid- to late...
