I have been forecasting a high near $30 on AMC for a while now. There are a lot of Wyckoff trading ranges working in conjunction with one another at the present time, which is great because it allows for much better price forecasts.
Expect that the markets will be CRAZY next week. We will be hitting a top in the markets and there will be yet another round of teeth gnashing for the general public in Q4. I fully expect to be making fresh lows in this bear market overall.
The more we get closer and price plays out, it is easier to map out the likely price action. I've been following AMC simply because there is high general interest in it which allows for much more volatility in the stock. Volatility = good thing if you know how to trade it right.
Here is how I'm seeing AMC shaping up next week.
Monday, we will likely start out the gates LOOKING bullish, but that quick bullish move will likely retrace back into the low $22 range by close of market.
My forecast for Monday is around a $26 high, I think it will come off as a bullish run in the morning as stated above, but by lunch time or closer to close of Monday's bell, we will be near a $22 low. You should be ready to capture that $22 low Monday...
We could very well see a $22 low by lunch on Monday as well, and a very strong move upwards by close of markets Monday.
Near close of markets on MONDAY and into TUESDAY is going to be fireworks... Or a continuation of fireworks that started from Monday.
I am currently of the belief that price is likely to reach $33 - $34. I personally won't get TOO greedy, and will be looking to take profit at $33, which is still very close to a 50% gain in just two days. Throwing in 10k, that's still a roughly 5k profit, minus "this, that, and the other for fees"...
STOP loss is at $20.50 - if we reach that, something with the plan went wrong, and we parachute out of the position and wait for further confirmation of the situation before we take a trade.
$33 will take profit and roll my position into a SHORT. Expect a strong decline in the markets in general. I will keep an eye out for signs of a turnaround. But won't expect it for AMC stock until at least end of October or November at best.
IF WE MAKE A HIGHER HIGH ABOVE $34.31, IMMEDIATELY STOP LOSS FROM THE SHORT POSITION. WE MUST RECALCUATE PRICE ACTION.
The bullishness **IS** the APE dividend being priced into AMC.
Cypher921
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@TranceaddicT66 very true but I was wondering when it will start to sell off. I was personally thinking we had until Friday the 19th to catch gains on this but sell off may happen earlier I’m seeing??
I play with pitchforks. By my estimates Monday will look like this: price is currently AT the lower-bound of a steeply-rising local pitchfork ***AND*** AT the 50% mark of a longer-term gently-rising pitchfork **AND** the EMA55 (I use Fibonacci extensively) has been acting as support for about two (2) months. My interpretation is: EMA55 is entering a transition phase that could go either way. The morning session is likely climb to at least $25.75 (lower end of an earlier distribution) with a not insignificant chance of reaching $26.56. From there it'll fade to close.
For the near-term, there is an argument to be made for reaching $34.33. Here, there are relatively equal highs that represent liquidity to be taken and an earlier orderblock that needs to be cleared. Then there is an argument to be made for $38.50 - $39. There is a gap there that needs filling. Both of these exist well within the window of achievement before close on the 19th.
I think the important data point is $31.05 by mid-day Tuesday. If it doesn't clear that hurdle, it's not going higher and the selloff will have begun. If it does, selloff won't happen until late Thursday - Friday morning.
Zulu_Kilo
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@Cypher921, while I am all but sure that we will see the price hover near $30… As I said before in the idea, you will have to figure out what’s more important to you:
Catching the top, or getting the dividend.
And realistically you’ll have to time both perfectly to make the most of them.
You COULD in theory, make money by catching the $22 bottom Monday, keeping your shares till dividend split, and selling them off before any losses. It just will heavily depend on how fast things will tank, which I can’t guarantee.
In the space of a few days, it could tank dramatically. Or hold near $30 right before Thursday close, and gap hard down Friday open.
Intraday_Latte
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how ya feel going into tomorrow?
Intraday_Latte
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going to be following spy I think both AMC and spy are about to peak, Monday could be that day but I think they fall together with spy leading. 500 billion fed bail out and record breaking dark pools should be interesting if they break volume support I can see s lot of that buy zone volume selling off. they've sorta set a bar for otm calls now I can see a lot of apes getting rinsed, Friday was a good day for spreads both ways. definitely bait and switch on this whole bullish market sentiment. I think btc will drop and steal some thunder too around the 22nd.