Chart on request - I dont know anything about this company, and its a noisy chart so I might be wrong, but it just looks like another one of those perpetual short party charts.
Sudden pop then rejection and immediate collapse has all the hallmarks of an X - connective wave and if it is then there will most likely be another approximately equidistant or phi related leg down, - more likely equidistant that would take AMRS to $0.06 in 2030.
Rejection back through 50MMA is very bad news and also indication of X wave. Just as I said with other charts that only go down such as TNXP - it needs to consolidate above the significant MA to be worth a punt - in this case the 50MMA. And now it has fallen through there will be heavy sell pressure if it gets there again. Most likely it wont touch it agin this decade, but I might be wrong.
I'll remain open to the possibility this upthrust can be a wave 2 and its already at the 0.618 retracement tipping point. It really needs to move upward or sideways very soon if this is the start of a trend but i very much doubt it, it will just collapse back down.
Monthly RSI will see the low again I think.
Not advice.
Sudden pop then rejection and immediate collapse has all the hallmarks of an X - connective wave and if it is then there will most likely be another approximately equidistant or phi related leg down, - more likely equidistant that would take AMRS to $0.06 in 2030.
Rejection back through 50MMA is very bad news and also indication of X wave. Just as I said with other charts that only go down such as TNXP - it needs to consolidate above the significant MA to be worth a punt - in this case the 50MMA. And now it has fallen through there will be heavy sell pressure if it gets there again. Most likely it wont touch it agin this decade, but I might be wrong.
I'll remain open to the possibility this upthrust can be a wave 2 and its already at the 0.618 retracement tipping point. It really needs to move upward or sideways very soon if this is the start of a trend but i very much doubt it, it will just collapse back down.
Monthly RSI will see the low again I think.
Not advice.
Comment:
Also now RSI trending under trendline = bad news
Comment:
Earnings coming up, really needs a good pop to keep the trend alive.
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