Is AMC stock about turn bearish? The weekly says yes.
So I have stopped posting consistent technical analysis after we broke down from the symmetrical triangle as I have been trying to re-analyze the new price movements thus far. It seems to me that AMC is now in a confirmed bear market. As of now, AMC is below the 200 day moving average, it broke major supports which we weren't expecting it to do. Again, as of now, almost no one has been able to correctly forecast AMC, including myself. I am the first to admit that.
Moving forward, I am of the belief that we are due for a 0.786 fib retracement, which would have us bottoming out at the 17-18$ level. I do think there will be a massive bullish reaction at this level. In addition, the weekly MFI is turning down at a significant rate. There are absolutely NO SIGNS OF ACCUMULATION. We have still yet to see a capitulation style event for AMC (heavy sell volume, most people giving up) yet. This upcoming downside will test anyone and everyone who is holding AMC stock.
Moving forward, I am of the belief that we are due for a 0.786 fib retracement, which would have us bottoming out at the 17-18$ level. I do think there will be a massive bullish reaction at this level. In addition, the weekly MFI is turning down at a significant rate. There are absolutely NO SIGNS OF ACCUMULATION. We have still yet to see a capitulation style event for AMC (heavy sell volume, most people giving up) yet. This upcoming downside will test anyone and everyone who is holding AMC stock.
Trade closed: target reached
Going perfectly according to plan. As of now, the price is being held up by the 0.707 fib. This level is not a strong long term retracement zone, which is why I am not expecting any major reactions at this level.