AMC - Nasty Double Top. All Eyes On Support
While 
AMC broke out of 200EMA resistance earlier this month, things do not look good for longs currently.
We see a nasty double top on a strong resistance level, followed by a close below the recent upwards swing. We see both buyers and sellers trying their best to steer price levels to go either way, as seen from multiple dojis on a CRUCIAL support level. Whether or not this level turns into resistance, is anyone's guess.
Personally, I am looking to enter a short position once price falls through support and sets us up for a beautiful double top setup.
As with meme stocks, I would refrain from holding my position for a prolonged period of time in the event of an unlikely short squeeze.
Will be monitoring AMC closely today.
Happy trading
AMC broke out of 200EMA resistance earlier this month, things do not look good for longs currently.We see a nasty double top on a strong resistance level, followed by a close below the recent upwards swing. We see both buyers and sellers trying their best to steer price levels to go either way, as seen from multiple dojis on a CRUCIAL support level. Whether or not this level turns into resistance, is anyone's guess.
Personally, I am looking to enter a short position once price falls through support and sets us up for a beautiful double top setup.
As with meme stocks, I would refrain from holding my position for a prolonged period of time in the event of an unlikely short squeeze.
Will be monitoring AMC closely today.
Happy trading
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.