Bearish divergence on AMC stock. Looking for a re-test of 22
Looks like AMC has failed to break and hold above the $26 level which I have been mentioning for a couple days now is a strong zone due to it being the resistance of the OB (Orderblock)
If it is to break below 22, then there is a high likelihood that the new stop is going to be the teens (17.10), which if you have been following my YT channel, it has been a target of mine for two weeks. I am expecting this level to get hit with almost certainty, and that would put us at making a macro 0.786 fibonacci retracement. After that, we should expect a massive rally back to the 30s.
Patience is needed. Have my buys set for these zones.
Good luck. Happy trading.
If it is to break below 22, then there is a high likelihood that the new stop is going to be the teens (17.10), which if you have been following my YT channel, it has been a target of mine for two weeks. I am expecting this level to get hit with almost certainty, and that would put us at making a macro 0.786 fibonacci retracement. After that, we should expect a massive rally back to the 30s.
Patience is needed. Have my buys set for these zones.
Good luck. Happy trading.