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!
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Just a slight update with a closer view at the potential short term path
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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
Hi, Hambooger, I am new at this. How/where can I learn to read your charts? Can you please spell out your predictions for today?
Hambooger
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@chaos2art, I will update it below the main description in just a second! I may also just add a new update to this chart later where I can do a bit more of an in-depth explanation :)
ironicallyyoung
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Yeah, pretty hard to top any high or send the trend upward with restrictions constantly being put in place all the time, the downtime it takes to open through another broker, and the time it takes for fund transfer just in order to combat this. Cards are stacked against traders (and I myself am one), but the only real difference that I can see here is that if people retain their hold and buy as they can, when they can, and within dips, then there is a chance that things can still change. However, without the means to purchase without the chains being placed continuously on retail traders...
Hambooger
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@ironicallyyoung, its such a crazy situation. Definitely a monkey wrench in the plans of anyone hoping to short AMC, but also a wrench in the WSB longers original plan too. I had no clue everyone would finally be interested in our world of stocks and cryptos, but a larger adoption is taking place finally!
ironicallyyoung
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@Hambooger, Totally agreed; on Tuesday I began to see it as a war of attrition. But my mindset is that whether this is going to be a semi-effective short squeeze or a long play, I bought the company, not the stock (though I suppose I technically "bought" some of the company....). I saw AMC as a thing of value and even if it takes awhile, AMC stock will be going up again eventually--this is not a theatre that will die.
dylonserpa24
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Seems as though there is a big effort to halt the trading of AMC. Is this another reason for the short?
Hambooger
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@dylonserpa24, oooooh thats hard for me to say, things are looking so suspicious
I could be very wrong here and I don't want to point fingers, but it looks like big banking/financial entities have managed to trick people into buying their exits out of bad stocks, thus displacing the need for the stock to go higher so those who are holding can escape safely while the next wave of people get stuck with the bill.
That's just a theory though and I really don't want to point fingers because I can 100% be wrong about it, it just all looks so suspect to me.