The green uptrend channel that started from the end of MAY is being tested after today's failure to break($63) the wedge/triangle at its upside. Previous breakout attempts above $60 levels all seem to have been trying to test the clean break of this wedge/triangle, which only has 1-2 days left to close.
I think AMC has more chance of breaking the triangle at its upside than its down side, because the bottom line of the uptrend channel coincide with the bottom side of the triangle. These two lines together will likely act as a very strong level for AMC to bounce off of. Also, the downward momentum is starting to fade as momentum indicator shows down tick from its peak. This means that there may be strength in buying pressure going into tomorrow.
The next break of $60 will likely send the price more steadily toward its next major resistant level ($68-$70).
I think AMC has more chance of breaking the triangle at its upside than its down side, because the bottom line of the uptrend channel coincide with the bottom side of the triangle. These two lines together will likely act as a very strong level for AMC to bounce off of. Also, the downward momentum is starting to fade as momentum indicator shows down tick from its peak. This means that there may be strength in buying pressure going into tomorrow.
The next break of $60 will likely send the price more steadily toward its next major resistant level ($68-$70).