It seems as though AMC is entering an area of high support, given it has 2x Fibonacci time frames together as well as the support of the lower support line/trendline that its recently developed as well as a pivot and a support line started from the gap from the initial spike.
I would say to look for a possible bounce to the 50 area, and if it breaks the upper resistance line then it could potentially head higher, especially it it triggers the short squeeze of those 70 million short shares on the shelf. Now, if it fails to break this area and retraces the progress to the downside, then it may be the last gasp of air from AMC, at least, for now.
I would say to look for a possible bounce to the 50 area, and if it breaks the upper resistance line then it could potentially head higher, especially it it triggers the short squeeze of those 70 million short shares on the shelf. Now, if it fails to break this area and retraces the progress to the downside, then it may be the last gasp of air from AMC, at least, for now.