AMC Decending Broading Wedge
Looks to be a break of the long term resistance line we have tested multiple times in the past. Huge surge in volume as we broke the structure, which has now decreased as price has come back to test the trendline. Cautious here as we have broken the decending resistance line before only to come straight back down into the structrue.
However, note the volume spikes each time we push up to test the top of the wedge and this has been huge this time around. Sadly the run was stopped just under 9$ which is a histroical support line turned resistance. No surprise we got stopped here.
Really need some more momentum to come through now to confirm any move up. We have held a good base in the 4$ range for months now and volume spiked as soon as we dropped below that, bringing us back into the range.
Obviously we could see moves down if the settlement is approved and C R/S goes ahead. This whole RS and APE conversion to AMC is difficult and throwing me off here.
If we see some more momentum and settlement is not approved soon then we can move higher. I hope this is the case but we never know with this stock..
However, note the volume spikes each time we push up to test the top of the wedge and this has been huge this time around. Sadly the run was stopped just under 9$ which is a histroical support line turned resistance. No surprise we got stopped here.
Really need some more momentum to come through now to confirm any move up. We have held a good base in the 4$ range for months now and volume spiked as soon as we dropped below that, bringing us back into the range.
Obviously we could see moves down if the settlement is approved and C R/S goes ahead. This whole RS and APE conversion to AMC is difficult and throwing me off here.
If we see some more momentum and settlement is not approved soon then we can move higher. I hope this is the case but we never know with this stock..
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