$AMC: The Ultimate Battle of 21$
It was a long time ago AMC closed a daily candle above 20-21$. This level is significant because it is currently holding us in a downtrend. The last 2 trading-weeks we have formed a double at the 21$ level which has caused a retracement to the largest VPVR node 14.90$. This level bounced the price once again and support was held. We have successfully broken the resistances of 16.6-17.7$ and turned them into support levels. As of now i am expecting 17.7$ to hold as support to help break the 21$ level.
The 21$ level is a confirmed resistance by the double top pattern, green TD-Sequential 9 on the 1H chart, the basis of the Donchian Channels on the 2D chart and the large VPVR node that is found at this level. A break of this level will confirm the ultimate reversal of AMC. If the 21$ level breaks with an engulfing amount of volume we will eventually make the push towards 30$. Once this happens the 30$ Options will start printing which will cause a rally to the upside. There are significant gaps on the VPVR which indicates that the reversal of AMC will be easy once broken out of 21$. The MFI also hints for a strong bullish divergence which could indicate that the 21$ level will most likely be broken this week.
Tomorrow AMC has Q4 earnings. AMC will most likely beat Q4 which could cause AMC to rally. If the S&P 500 + other indices help we will see the ultimate reversal of AMC back to the 30$ range.
The most options activity for the week is to be found at 18-25$ level which will most likely be the trading-range of this week.
*WARNING* This thread is not financial advice. I am not a financial advisor.
Thank you for reading.
The 21$ level is a confirmed resistance by the double top pattern, green TD-Sequential 9 on the 1H chart, the basis of the Donchian Channels on the 2D chart and the large VPVR node that is found at this level. A break of this level will confirm the ultimate reversal of AMC. If the 21$ level breaks with an engulfing amount of volume we will eventually make the push towards 30$. Once this happens the 30$ Options will start printing which will cause a rally to the upside. There are significant gaps on the VPVR which indicates that the reversal of AMC will be easy once broken out of 21$. The MFI also hints for a strong bullish divergence which could indicate that the 21$ level will most likely be broken this week.
Tomorrow AMC has Q4 earnings. AMC will most likely beat Q4 which could cause AMC to rally. If the S&P 500 + other indices help we will see the ultimate reversal of AMC back to the 30$ range.
The most options activity for the week is to be found at 18-25$ level which will most likely be the trading-range of this week.
*WARNING* This thread is not financial advice. I am not a financial advisor.
Thank you for reading.
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