$40 Support or Bust
AMC has been a dead horse of a meme for far too long. Volume is trash, virtually no support, and lackluster attempts to breakout since the rise past $55. I was fortunate enough to make a quick buck with a few calls from $32 - $45 and haven't touched it since the climb up. If I had to choose, I'd get some $40 puts at least a month out. Looking at the MACD, RSI and Volume trend, this trash has a 60% chance of falling past $40.
If AMC bounces off of $40, then it has a chance of a relief rally aiming towards the $48 - $53 range once more. Good luck, and don't bag hold this just because of some internet points.
If AMC bounces off of $40, then it has a chance of a relief rally aiming towards the $48 - $53 range once more. Good luck, and don't bag hold this just because of some internet points.
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