Let me start by saying AMP I love you! I'm beyond grateful! BUT in my humble opinion this move is just starting! Let's take a look at the monthly time frame(all drawing tools have been plotted on the weekly time frame. forgive the mess).
AMP up 661% over the past 60 days, bazaar right! We haven't been at current price levels since May 2022. After years of consolidating and moving sideways we blasted through all Fib levels as well as resistance levels. I'd say this is a text book parabolic move.
Question, can we sustain this move? Short answer is unfortunately no. Not realistic to expect 100%+ days over and over again. The real question is, where are potential levels we can face resistance and inedible a rejection. This is where some simple technical analysis goes a long way.
First of all we still have 5 days till the weekly candle closes and 19 days till the magnificent monthly candle closes. We want a large candle body, not a huge wick to the upside. The white horizontal line at .01328 is a significant level to close above on the weekly time frame but more important the monthly time frame.
We have the yellow 2.618 at .01474 which we wicked through. The way AMP has been moving my targets to watch for a rejection is the second white horizontal line at .02429(83%) which could be tested soon, again based on the way AMP is moving.
Lastly another huge level of resistance is our over head red box of resistance. Bottom of the box is at .03381(155%) & top of the box is at .03798(185%). For a sustainable movement to continue AMP will need to close within/above the red box of resistance. When we reach and breach the red box I'd fully expect new ALL TIME HIGHS!
Remember bull markets are short lived and don't last too long. Enjoy the ride, trade smart and secure profits.
AMP up 661% over the past 60 days, bazaar right! We haven't been at current price levels since May 2022. After years of consolidating and moving sideways we blasted through all Fib levels as well as resistance levels. I'd say this is a text book parabolic move.
Question, can we sustain this move? Short answer is unfortunately no. Not realistic to expect 100%+ days over and over again. The real question is, where are potential levels we can face resistance and inedible a rejection. This is where some simple technical analysis goes a long way.
First of all we still have 5 days till the weekly candle closes and 19 days till the magnificent monthly candle closes. We want a large candle body, not a huge wick to the upside. The white horizontal line at .01328 is a significant level to close above on the weekly time frame but more important the monthly time frame.
We have the yellow 2.618 at .01474 which we wicked through. The way AMP has been moving my targets to watch for a rejection is the second white horizontal line at .02429(83%) which could be tested soon, again based on the way AMP is moving.
Lastly another huge level of resistance is our over head red box of resistance. Bottom of the box is at .03381(155%) & top of the box is at .03798(185%). For a sustainable movement to continue AMP will need to close within/above the red box of resistance. When we reach and breach the red box I'd fully expect new ALL TIME HIGHS!
Remember bull markets are short lived and don't last too long. Enjoy the ride, trade smart and secure profits.