AMC: Triggered our REVERSAL SIGN! What’s next?
• In our last analysis, we nailed the top on AMC, as it triggered its key reversal points. In addition, it is way below our original target – the link to my previous public analysis is below this idea;
• Now, AMC lost our first target (21 ema, daily chart), and it ignored all of its retracements, including the 61.8%, the last mid-term support level;
• Is there any bullish reaction on AMC? Not at all. What’s more, even if it reacts, the 21 ema and the black line at $6.80 are key resistances, and AMC could just bounce to this level to drop again afterwards, since there’s no clear bullish reversal structure on it;
• The next support is at $5.05, and if we don’t see any meaningful bullish bottom sign, that’s where we are heading to;
• What kind of bullish reaction on AMC could make it bounce again? If it does a bullish candlestick closing above the previous day’s high. This would be a good start. I’ll keep you posted on this.
Remember to follow me to keep in touch with my daily analyses!
• Now, AMC lost our first target (21 ema, daily chart), and it ignored all of its retracements, including the 61.8%, the last mid-term support level;
• Is there any bullish reaction on AMC? Not at all. What’s more, even if it reacts, the 21 ema and the black line at $6.80 are key resistances, and AMC could just bounce to this level to drop again afterwards, since there’s no clear bullish reversal structure on it;
• The next support is at $5.05, and if we don’t see any meaningful bullish bottom sign, that’s where we are heading to;
• What kind of bullish reaction on AMC could make it bounce again? If it does a bullish candlestick closing above the previous day’s high. This would be a good start. I’ll keep you posted on this.
Remember to follow me to keep in touch with my daily analyses!
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