Short term AMC price update --> retrace, then bounce
Updated
As of now, the MFI looks like it's getting overbought on the 1 hour. We are also going up on lower and lower volume, and it is also printing a 3 black crows pattern. I would not be surprised to see a small dip back to the 30 level, and then a close above 31.50 for tomorrow. A close at 30 or under would be pretty bearish, but it looks like we have carved out a nice bottom at the mid to high 20s.
Note
looks like it retraced to 31.53 after hours...this is my first target, but i'm still expecting at a test of the 61.8% fibonacci level which is marked as 31.36. The deepest retrace would be the 0.786, which AMC loves to retrace to when making these upspikes. However, I wouldn't be surprised if it doesn't go below 31.30 for tomorrow.
Trade closed: target reached
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