AMC: Targets for this Triangle.
Hello traders and investors! Let’s see how AMC is doing today. It’s been a while since our last study on it, so we have a lot to update! The link to our last analysis is below this idea, as usual.
First, in the 1h chart, the trend is reversing, as we have higher highs/lows, making a good bullish structure. Now, the $ 9.81 (red line) and the 21 ema are working as a Dual Support zone in the short-term, and surely it is a point for us to keep in mind.
It also seems we have a Triangle chart pattern as well, as evidenced by the purple trendlines, and this is another thing to keep in mind, especially if we analyze the daily chart:
in the daily chart, we are clearly inside a congestion between the green and red lines. As long as AMC keeps between these points, nothing new will happen. But if it loses the Triangle in the 1h chart downwards, it may retest again the red line.
On the other hand, if the $ 9.81 holds the price, and if it breaks the Triangle upwards, the scenario might be optimistic after all. Since the trend would be officially bullish in the short-term, AMC could not only retest the green line, but break it, and if that’s the case, there’re no other resistances to work with other than the $ 14.54.
Now we must wait patiently to see if these patterns are going to be triggered. And if you liked this analysis, remember to follow me to keep in touch with my daily updates, and support this idea if it helped you!
Thank you very much.
First, in the 1h chart, the trend is reversing, as we have higher highs/lows, making a good bullish structure. Now, the $ 9.81 (red line) and the 21 ema are working as a Dual Support zone in the short-term, and surely it is a point for us to keep in mind.
It also seems we have a Triangle chart pattern as well, as evidenced by the purple trendlines, and this is another thing to keep in mind, especially if we analyze the daily chart:
in the daily chart, we are clearly inside a congestion between the green and red lines. As long as AMC keeps between these points, nothing new will happen. But if it loses the Triangle in the 1h chart downwards, it may retest again the red line.
On the other hand, if the $ 9.81 holds the price, and if it breaks the Triangle upwards, the scenario might be optimistic after all. Since the trend would be officially bullish in the short-term, AMC could not only retest the green line, but break it, and if that’s the case, there’re no other resistances to work with other than the $ 14.54.
Now we must wait patiently to see if these patterns are going to be triggered. And if you liked this analysis, remember to follow me to keep in touch with my daily updates, and support this idea if it helped you!
Thank you very much.
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