AMC looks like it's headed for another low. I could see the potential for AMC to rally up to the $8.30ish region, but if price rejects that range or just falls here, it increases the likelihood that AMC will fall from here back to the $2 range. The bottom of the blue channel structure has already been tested multiple times and has weakened support. If it breaks the bottom of the channel price should decline quickly-- back to the $2.72 area.
Be careful if you're long.
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Lol at the longs in the comments. 1. Can't read the analysis where I said there's a possibility of a short term rally (which already played out).
2. Can't read a chart.
Set tight stops.
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Welp... to all the people that laughed in the comments, hope you enjoyed holding all the way down.Now do yourself a favor and learn how to read charts so you don't make the same mistake again.
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The worst part is, this could still go lower. I have sell signals on the weekly and two week charts. Maybe we get a pop over the next month or so, if it happens, I'd use that opportunity to get out.Maybe penny stock status? Bankruptcy? We'll see...
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