Massive downtrend is about to end on AMC...a BIG pop awaits
Good day fellow apes, bulls, and traders!
From what I've been seeing here, we have been approaching a massive support ($41-42) level where I am expecting a strong reaction. We have broken to the downside of the bullish pennant which I called for a break upwards last week. Unfortunately, things don't always go as planned. I have not noticed any real big downside break with heavy volume. From what I've been seeing, we've been getting a gradual force push downwards. AMC is currently at price discovery, however, I am fully expecting a strong bounce in the very near future. I have not seen AMC this oversold on the 4 hour chart since when we were trading at the 8.xx level. I'm pretty surprised that the shorts have not been squeezed yet. Obviously, this is the US stock market/wall street which is the most manipulated market in the world IMO, but I am expecting shorts to pay up soon. Short interest has been doing nothing but going up while the shorts from below $10 still have not covered and/or gotten margin called. Yet the brokers are happy to take retail's money if we were to go long on margin and go below the margin maintenance level? This is all clearly tipped to the hedge fund's favor but the SEC and even the media are now paying more attention to these ill illegal practices.
From what I've been seeing here, we have been approaching a massive support ($41-42) level where I am expecting a strong reaction. We have broken to the downside of the bullish pennant which I called for a break upwards last week. Unfortunately, things don't always go as planned. I have not noticed any real big downside break with heavy volume. From what I've been seeing, we've been getting a gradual force push downwards. AMC is currently at price discovery, however, I am fully expecting a strong bounce in the very near future. I have not seen AMC this oversold on the 4 hour chart since when we were trading at the 8.xx level. I'm pretty surprised that the shorts have not been squeezed yet. Obviously, this is the US stock market/wall street which is the most manipulated market in the world IMO, but I am expecting shorts to pay up soon. Short interest has been doing nothing but going up while the shorts from below $10 still have not covered and/or gotten margin called. Yet the brokers are happy to take retail's money if we were to go long on margin and go below the margin maintenance level? This is all clearly tipped to the hedge fund's favor but the SEC and even the media are now paying more attention to these ill illegal practices.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.