AMC Entertainment (February 2nd 2021 through March 2021)
Low: $0.15 - $2 - $4
High: $9.89
So in the short term, it's not looking good. Technically this could still get a bigger short squeeze in the future but we have a period of consolidation ahead of us for now if that will even be possible in my opinion. Otherwise this will get driven right into the ground. Grab the popcorn, it's heating up. The battle is on.
I do not have a lot of hope for the smaller retail traders right now. From what it looks like, a 4.236 fibonacci was fulfilled and there will need to be a LOT of buying to help recover past those levels again.
Now, if we imagine a scenario where the coveted pump happens so long as the bears aren't going to take over completely, the next levels to watch for serious selling action for could be: $40 - $64 - $88 - $102 - $165 - $264
But it needs to top its last high of $25 first, and it can be possible but is a lot less likely now that price has shuttered as much as it has the past couple days. Not looking good in my opinion but this will be interesting to watch.
Thanks for tuning in :) Disclaimer, anyone in the trade needs to do their own due diligence and decide what is right for YOU. My charts can be wrong at any time and it's very important that you have your own strategies and plans in place. I run this channel for my own educational purposes of learning to trade, and I will never be 100% right, so please do not let me confirm any bias for you! (Dangerous to do so, stay safe and remember the basics & rules of risk assessment.) Expect the unexpected and happy trading!
Low: $0.15 - $2 - $4
High: $9.89
So in the short term, it's not looking good. Technically this could still get a bigger short squeeze in the future but we have a period of consolidation ahead of us for now if that will even be possible in my opinion. Otherwise this will get driven right into the ground. Grab the popcorn, it's heating up. The battle is on.
I do not have a lot of hope for the smaller retail traders right now. From what it looks like, a 4.236 fibonacci was fulfilled and there will need to be a LOT of buying to help recover past those levels again.
Now, if we imagine a scenario where the coveted pump happens so long as the bears aren't going to take over completely, the next levels to watch for serious selling action for could be: $40 - $64 - $88 - $102 - $165 - $264
But it needs to top its last high of $25 first, and it can be possible but is a lot less likely now that price has shuttered as much as it has the past couple days. Not looking good in my opinion but this will be interesting to watch.
Thanks for tuning in :) Disclaimer, anyone in the trade needs to do their own due diligence and decide what is right for YOU. My charts can be wrong at any time and it's very important that you have your own strategies and plans in place. I run this channel for my own educational purposes of learning to trade, and I will never be 100% right, so please do not let me confirm any bias for you! (Dangerous to do so, stay safe and remember the basics & rules of risk assessment.) Expect the unexpected and happy trading!
Comment:
Just a slight update with a closer view at the potential short term path
Comment:
The second part of my chart could still very well be in play with the fibonaccis I provided. Let's watch!
Definitely did not sink as low as I originally expected so the bulls could still be in control here
Definitely did not sink as low as I originally expected so the bulls could still be in control here
