Hi fellow traders!
AMC has been tunneling down in a steady downtrend on the 1H chart, but things are looking up! Recently, AMC broke out of its range, found solid support, and respected a new bottom – a promising sign that a reversal pattern is forming.
Here’s the current technical setup:
Support Levels: $4.00
Resistance Levels: $4.30, $4.63, and $5.00
$5.00 aligns with a higher timeframe Point of Control (POC), making it a critical level to watch.
The stock has shown strength at the $4.00 support, suggesting a good base for long positions. The price action is beginning to favor the bulls, and if momentum builds, we could see AMC test higher levels in the coming sessions.
Trade Idea:
Look for long entries near $4.00 with a tight stop below this level.
Target the resistance levels sequentially: $4.30, $4.63, and $5.00.
Watch for volume confirmation and further signs of bullish momentum to validate the move.
Sentiment: Positive
The technicals suggest we may finally see a shift in trend. Keep an eye on $5.00 as a significant hurdle, but the path to the upside looks promising. Let’s ride this potential reversal to the moon!
What do you think? Share your thoughts in the comments!
#AMC #StockTrading #Reversal #BullishTrend