AMC to continue its uptrend
AMC had a nice clean breakout of $60 to nearly $65 at its intraday high, but it could not sustain its momentum when bears pushed it down hard during midday to bring the price back down below $60. Today(6/15/21)'s price action suggests two scenarios in technical analysis perspectives.
First, bears could have made a bull trap as the daily time frame shows the body of its candle failing to make a clean break above $60 while only the wick making a false breakout above $60. If this is the case, AMC can face a bit of a pull back tomorrow.
However, AMC seems to hold strong bullish sentiment with many retail investors willing to hold on to their shares until the short interest from the bears reduce substantially. While AMC remains at the center of market's attention, I am leaning toward the second scenario that the price action will bounce within the ascending triangle until a breakout above for a continuation of its uptrend toward its next major resistant ($68.5 - $70 range).
First, bears could have made a bull trap as the daily time frame shows the body of its candle failing to make a clean break above $60 while only the wick making a false breakout above $60. If this is the case, AMC can face a bit of a pull back tomorrow.
However, AMC seems to hold strong bullish sentiment with many retail investors willing to hold on to their shares until the short interest from the bears reduce substantially. While AMC remains at the center of market's attention, I am leaning toward the second scenario that the price action will bounce within the ascending triangle until a breakout above for a continuation of its uptrend toward its next major resistant ($68.5 - $70 range).
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