AMC broke out of a large bull flag. The price target of this pattern is 72$.
We have also broken out of the Ichimoku Cloud which is a sign of strength. This movement is confirmed by engulfing volume.
We have mounted the 20$ level with significant volume (.786 Fib) It is also a large VPVR node making it strong support.
We also mounted the .618 Fib at 25.7$ which has become strong support confirmed by the VPVR.
We have also retested the bull flag at 26,4$ which on micro time frames is the 7.86 Fib. This retest of the bull flag is a sign of strength because of the large buying volume that appeared at this level. We didn't even wick within the bull flag.
Currently we are facing resistance at the 0.5 Fib 29.5-30$ confirmed by the VPVR.
We also got resistance at the .382 Fib (33.41$)
Later on we have .236 Fib level resistance at 38.31$.
The MFI is on a strong uptrend, it looks healthy for continuation.
The volume is looking extremely bullish which makes all of the price action valid.
Options chain is also extremely bullish.
Check the related ideas for a micro-timeframe update.
*WARNING* This thread is not financial advice. I am not a financial advisor.
Thank you for reading.
We have also broken out of the Ichimoku Cloud which is a sign of strength. This movement is confirmed by engulfing volume.
We have mounted the 20$ level with significant volume (.786 Fib) It is also a large VPVR node making it strong support.
We also mounted the .618 Fib at 25.7$ which has become strong support confirmed by the VPVR.
We have also retested the bull flag at 26,4$ which on micro time frames is the 7.86 Fib. This retest of the bull flag is a sign of strength because of the large buying volume that appeared at this level. We didn't even wick within the bull flag.
Currently we are facing resistance at the 0.5 Fib 29.5-30$ confirmed by the VPVR.
We also got resistance at the .382 Fib (33.41$)
Later on we have .236 Fib level resistance at 38.31$.
The MFI is on a strong uptrend, it looks healthy for continuation.
The volume is looking extremely bullish which makes all of the price action valid.
Options chain is also extremely bullish.
Check the related ideas for a micro-timeframe update.
*WARNING* This thread is not financial advice. I am not a financial advisor.
Thank you for reading.
