$AMC: Bullish Inverted Hammer Should Cause a 50% Bounce!
A bullish inverted hammer has been spotted on the weekly chart of AMC. This candlestick pattern is known to be a signal of reversal. Following with a red 9 on the TD-Sequential indicates that we are near or at a bottom. AMC is at a oversold state and is set to bounce. We are also at the bottom of the Donchian Channel. This indicates that a large reversal should be near. Everytime we are at the bottom of the Donchian channel AMC finds a large amount of support causing a 50% bounce. For me it would be really weird if this bullish inverted hammer failed to reverse the price of AMC. This candlestick pattern is really reliable and tends to reverse the trend of a stock, especially if located on larger time frames (weekly chart).
To support this we are also seeing bullish divergence on the MFI making higher lows. The week also closed above the large VPVR node located at 14-14.5$. This level is important to be held as support. A daily close below this level is going to delay the upswing of AMC. Volume also seems to be increasing which is a sign of strength.
If every index is strong throughout the week i am expecting a quick move to 20$ which will cause AMC to go wild.
We also need to see bullish options activity to help AMC reach higher levels.
*WARNING* This thread is not financial advice. I am not a financial advisor.
Thank you for reading.
To support this we are also seeing bullish divergence on the MFI making higher lows. The week also closed above the large VPVR node located at 14-14.5$. This level is important to be held as support. A daily close below this level is going to delay the upswing of AMC. Volume also seems to be increasing which is a sign of strength.
If every index is strong throughout the week i am expecting a quick move to 20$ which will cause AMC to go wild.
We also need to see bullish options activity to help AMC reach higher levels.
*WARNING* This thread is not financial advice. I am not a financial advisor.
Thank you for reading.
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