The cat's outta the bag with
AMC
...it's a popular stock I guess (joking). But all jokes aside, the apes remain steadfast in their message but it's also time to revisit the technicals. After retracing from lows earlier this year, the Fib levels and current support/resistance areas on the chart seem to be lining up. The 50 Fib line is clearly a pivot that used to appear as a support level that AMC would test but not break below. Now that it has AND after breaking below the 50DMA, you can see that AMC has gotten denied multiple times not only at the 50 fib but also at the 50DMA. The big question for the week is can this fib area see a break and hold above or will the consolidation trend remain intact?
Obviously, apes will be apes and fight to the death but making money is nice too and understanding levels of potential support and resistance are important no matter if you're looking for profit targets or areas of potential buy opportunities. The bigger focus I think may be on what happens at the shareholder vote on the 29th at the AMC annual meeting. There were more details outlined in that proxy statement filed by AMC earlier this month.
AMC
...it's a popular stock I guess (joking). But all jokes aside, the apes remain steadfast in their message but it's also time to revisit the technicals. After retracing from lows earlier this year, the Fib levels and current support/resistance areas on the chart seem to be lining up. The 50 Fib line is clearly a pivot that used to appear as a support level that AMC would test but not break below. Now that it has AND after breaking below the 50DMA, you can see that AMC has gotten denied multiple times not only at the 50 fib but also at the 50DMA. The big question for the week is can this fib area see a break and hold above or will the consolidation trend remain intact? Obviously, apes will be apes and fight to the death but making money is nice too and understanding levels of potential support and resistance are important no matter if you're looking for profit targets or areas of potential buy opportunities. The bigger focus I think may be on what happens at the shareholder vote on the 29th at the AMC annual meeting. There were more details outlined in that proxy statement filed by AMC earlier this month.