AMC: What if it reverses? Some scenarios to work with!
Hello traders and investors! Let’s study AMC again! Since our last analysis, AMC hit our target at $ 9.93, and it almost triggered the Harami pattern we discussed, which could’ve worked as a great reversal pattern. I do weekly public analyses about AMC, and the link to my last analysis is below this post, as always. Let’s see how it is doing now.
Ok, it didn’t give us a buy in our last analysis, but AMC did a nice buy sign when it did the Bullish Engulfing evidenced in the chart. Good candlestick pattern, with nice volume, but it still not enough to impress me. Now it seems it found a support level at the black line again.
If MC loses this black line, probably it’ll retest the Bullish Engulfing’s low again, and if it loses it, then it’ll seek lower supports, seen only in the daily chart. But before we talk about the daily chart, it is important to notice that AMC has a pivot point at the red line ($11.52), and if AMC breaks it, the $ 14.50 is the first target to work with, and probably the Breakaway Gap will help the price to hit there. Remember: Gaps work as magnets.
Now, the daily chart:
AMC did another Bullish Engulfing in the daily chart as well, closing above the 21 ema, but this pattern appeared in the middle of nowhere. If this pattern appeared near a support level, I would be much happier.
The problem is, if AMC loses the engulfing’s low (both, 1h and 1d charts are the same), the next target will be the $ 5.22. But if it triggers the pivot in the 1h chart, the $ 14.50 is the first target, but AMC could seek the $ 20.36 as well, depending on the strength of the movement.
Although AMC didn’t trigger any buy for us (not one that I find good enough, at least), I agree that the R/R ratio is good, and AMC could fly again. But it is too soon to buy it.
And we’ll keep AMC on our radar! If you liked this idea, remember to follow me to keep in touch with my free analysis, and if it helped you, remember to support it with your like!
Thank you vey much!
Ok, it didn’t give us a buy in our last analysis, but AMC did a nice buy sign when it did the Bullish Engulfing evidenced in the chart. Good candlestick pattern, with nice volume, but it still not enough to impress me. Now it seems it found a support level at the black line again.
If MC loses this black line, probably it’ll retest the Bullish Engulfing’s low again, and if it loses it, then it’ll seek lower supports, seen only in the daily chart. But before we talk about the daily chart, it is important to notice that AMC has a pivot point at the red line ($11.52), and if AMC breaks it, the $ 14.50 is the first target to work with, and probably the Breakaway Gap will help the price to hit there. Remember: Gaps work as magnets.
Now, the daily chart:
AMC did another Bullish Engulfing in the daily chart as well, closing above the 21 ema, but this pattern appeared in the middle of nowhere. If this pattern appeared near a support level, I would be much happier.
The problem is, if AMC loses the engulfing’s low (both, 1h and 1d charts are the same), the next target will be the $ 5.22. But if it triggers the pivot in the 1h chart, the $ 14.50 is the first target, but AMC could seek the $ 20.36 as well, depending on the strength of the movement.
Although AMC didn’t trigger any buy for us (not one that I find good enough, at least), I agree that the R/R ratio is good, and AMC could fly again. But it is too soon to buy it.
And we’ll keep AMC on our radar! If you liked this idea, remember to follow me to keep in touch with my free analysis, and if it helped you, remember to support it with your like!
Thank you vey much!
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