AMC Triple Bottom Watch
AMC appears to be forming a triple bottom pattern with price support holding in the $3.80 area since January of this year.
The last time AMC put in a triple bottom was in 2020, and in early 2021 price exploded from a low around $1.30 to a pandemic meme stock rally high of $44.
AMC likely will not see the same gains as seen in 2021, but the triple bottom is worth watching here as traders could be on the verge of sending this one higher.
Lower indicators are both reading bearish trend and momentum for now, but are in neutral zones which could lead to a transition from bearish to bullish.
My buy price on this trade was $4.43.
My stop-loss is currently at $3.93.
No upper price target for now, plan is to hold and wait for a breakout and then raise my stop-loss when/if price begins to set higher highs and higher lows.
The last time AMC put in a triple bottom was in 2020, and in early 2021 price exploded from a low around $1.30 to a pandemic meme stock rally high of $44.
AMC likely will not see the same gains as seen in 2021, but the triple bottom is worth watching here as traders could be on the verge of sending this one higher.
Lower indicators are both reading bearish trend and momentum for now, but are in neutral zones which could lead to a transition from bearish to bullish.
My buy price on this trade was $4.43.
My stop-loss is currently at $3.93.
No upper price target for now, plan is to hold and wait for a breakout and then raise my stop-loss when/if price begins to set higher highs and higher lows.
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