AMC Symmetrical Triangle Pattern
Yet another "meme" stock showing multiple signs of squeeze with a breakout to follow in the future.
AMC has been laying low ever since the WSB pump & has been consolidating between 6.00 - 20.00 for three months.
Relative Volume on this ticker is showing amount of shares being traded compared to previous volume is very low. In fact, only 24% of volume was traded compared to its average this past week.
We are sitting on support preparing to reverse around the 9.90 level. Entry will be made once reversal is confirmed with increasing volume.
Here are the levels we are looking at for May:
First Target: 12.50
Second Target: 17.00
Stop Loss: 8.75
Shares will suffice for this play, but options will maximize profit. Recommended 1-2 months out expiration date with a 12.00 - 15.00 strike price.
Add this ticker to your watchlist!
AMC has been laying low ever since the WSB pump & has been consolidating between 6.00 - 20.00 for three months.
Relative Volume on this ticker is showing amount of shares being traded compared to previous volume is very low. In fact, only 24% of volume was traded compared to its average this past week.
We are sitting on support preparing to reverse around the 9.90 level. Entry will be made once reversal is confirmed with increasing volume.
Here are the levels we are looking at for May:
First Target: 12.50
Second Target: 17.00
Stop Loss: 8.75
Shares will suffice for this play, but options will maximize profit. Recommended 1-2 months out expiration date with a 12.00 - 15.00 strike price.
Add this ticker to your watchlist!
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