It looks like AMC broke its established trend line back on the 25th and is coming in for a full backtest. If it can recover this trend line there is still another level of resistance right above at 60 so not looking too hot.. IF it can recover and hold above 60 then it could go straight up to 65 and/or retest the ATH.
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I should note, we haven’t made a lower low (below 52.30) which will keep the bulls in the fight and the momentum up.
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It's never easy with these momentum stocks but so far it's looking like a strong rejection off the trend line.
Your bottom trend line is wrong, its just floating in space at the beginning. Not smart to short this.
trader335534
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The start of the bottom and top trend line should touch the top and the initial retraction point ( the hand).
gencollado
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Sorry, your chart is way off
icombs17
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@gencollado, I guess that is what makes the market, people can look at the same thing differently, the key is not to just see what you want to see b/c you want the stock to move a certain way. But honesty, what are your lines connecting to? They cannot be just floating in space like that. If you don't have at least three touches to a given line then it's not really a valid trend line.