AMC: Range trading! What if it breaks this congestion?
• Since our last analysis, AMC has been just doing some range trading, trading above our support at $6.80, but below the 21 ema (the link to my last analysis is below this post);
• It seems we have another resistance to work with, the $7.89 (Sep 07 low, yesterday’s high). Along with the 21 ema, this creates a dual-resistance price area;
• AMC will only engage in a bullish momentum if it breaks this dual-resistance area, as long as it trades below it, nothing new will happen;
• In addition, the $6.80 is still our main support, and only if AMC loses it (and close below this point), we’ll see the continuation of the bearish sentiment, and the next target would be the $5.96;
• Either way, AMC looks interesting, but it must do a breakout from this congestion first;
I’ll keep you guys updated on this. Remember to follow me for more analysis like this! Keep in touch.
• It seems we have another resistance to work with, the $7.89 (Sep 07 low, yesterday’s high). Along with the 21 ema, this creates a dual-resistance price area;
• AMC will only engage in a bullish momentum if it breaks this dual-resistance area, as long as it trades below it, nothing new will happen;
• In addition, the $6.80 is still our main support, and only if AMC loses it (and close below this point), we’ll see the continuation of the bearish sentiment, and the next target would be the $5.96;
• Either way, AMC looks interesting, but it must do a breakout from this congestion first;
I’ll keep you guys updated on this. Remember to follow me for more analysis like this! Keep in touch.
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