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AMC Flat Bottom Triangle Pattern
AMC Entertainment
Long
AMC Flat Bottom Triangle Pattern
By AwesomeAvani
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Updated
Aug 25, 2022
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Aug 23, 2022
AMC
AMC since the parabolic move May- June 2021
has been in a flat bottom triangle pattern with "touches"
on both the support trendline and the upper resistance trendline.
In the past several trading days, with the volatility of the APE special class dividend stock,
AMC has gone up to the upper line and now is now again at the $10 range.
The MACD and Relative Strength are weak. This is consistent with buying weakness
and low then selling above that.
While waiting for a true breakout of the triangle, I see a long swing setup
as buying the bottom at $10 and observing for a rise to the upper trendline
with a target of $19. I will set a stop loss below the triangle at $9.50
This would offer a reward on risk of 19X. I well realize that market
catalysts can trump the pattern anytime and assume that risk.
Go Apes !
Aug 25, 2022
Trade active
AMC up 3% from low of $9.31
AMC
BBBY
Chart Patterns
flatbottom
flatbottomtriangle
GME
longamc
MEME
memestocks
Trend Analysis
AwesomeAvani
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