Can AMC continue after a good trading day ? LONG
AMC on a 30-minute chart is putting in a double bottom. In mid-December, a symmetrical
head and shoulders is formed. The right shoulder being higher than the left makes for a
diagonal neckline which yields a target in the area of 5 confluent with the level of a high
pivot on January 10th. A standard Fibonacci retracement of the Janaury trend down would
put a target at about 4.55. The AI predictive tool looking back for similar patterns has printed
a buy signal. On this instrument at this time frame, the indicator has a 98% accuracy
for win rate. The ADX indicator shows a line cross and a "green" bull trend beginning.
Overall, I find AMC to be set for a long trade targeting 4.5 and 4.95 for one-third each with
the remaining to run in case a short squeeze gets underway.
head and shoulders is formed. The right shoulder being higher than the left makes for a
diagonal neckline which yields a target in the area of 5 confluent with the level of a high
pivot on January 10th. A standard Fibonacci retracement of the Janaury trend down would
put a target at about 4.55. The AI predictive tool looking back for similar patterns has printed
a buy signal. On this instrument at this time frame, the indicator has a 98% accuracy
for win rate. The ADX indicator shows a line cross and a "green" bull trend beginning.
Overall, I find AMC to be set for a long trade targeting 4.5 and 4.95 for one-third each with
the remaining to run in case a short squeeze gets underway.
Trade closed: target reached:
Sideways for now awaiting a strong directional trend.