Hello fellow enthusiasts,
The chart speaks for itself I guess. I will short if we indeed do break the neckline of the head and shoulders pattern.
This pattern has a target around 57 which lines up with the support there.
* This is not financial advice, please do your own research to make your own decisions *
Missed entry and hope to buy on pullback to 60.50
It obviously based at around $60, and could perhaps be in the middle of forming a right shoulder of an inverted head&shoulder pattern in the uptrend.
Horizontal S&R: trading w/in a obvious base
Channel S&R: yes, rising up trend.
MA S&R: above both 20 and 50
Volume confirmation: obvious spike...
This is a bearish swing trade I may enter next week. If I do I and it moves in my favor I will be very aggressive when it comes to moving my stop. My 2R target is down at $45.85 but there are three pivot lows that will be in between
my entry and my target.
To me, AMCX looks pretty weak and even weaker when looking at the hourly...