Chart posted 6-16-21 approx 9:40am CT
Im back- took a vacation to Vegas. Getting back to business. Just noticing some price action on AMC. AMC has shown some classic bearish price action creating already 2 bearish sharks. The fortunate part is the first pattern played out well on buyer volatility and really did not reveal the bearish action. Now, it appears we have a longer more defined pattern forming and price action is appearing to get weaker. If price goes below 53.00 I think we will begin to see buyer confidence weaken. If we go over 63 then buyer confidence will have re-established for short term.
I do not think price goes over 58 at most. We shall see, but I think this is the beginning of sell off. Coul dbe slow vs violent- but note the downward channel as a guide. It reminds me of the TESLA chart I made back in March (attached below) which has played out nicely on bearish action. Compare the 2 charts and see what it means for you. CHEERS!
Im back- took a vacation to Vegas. Getting back to business. Just noticing some price action on AMC. AMC has shown some classic bearish price action creating already 2 bearish sharks. The fortunate part is the first pattern played out well on buyer volatility and really did not reveal the bearish action. Now, it appears we have a longer more defined pattern forming and price action is appearing to get weaker. If price goes below 53.00 I think we will begin to see buyer confidence weaken. If we go over 63 then buyer confidence will have re-established for short term.
I do not think price goes over 58 at most. We shall see, but I think this is the beginning of sell off. Coul dbe slow vs violent- but note the downward channel as a guide. It reminds me of the TESLA chart I made back in March (attached below) which has played out nicely on bearish action. Compare the 2 charts and see what it means for you. CHEERS!
Note
AMC struggling in the channels listed, but if price goes over 54- Get in quickly for a possible fast trade. Price may trade up near 72-73 before exhausting. But has to get over 64 to do so.Note
I did it again- good EARLY call of AMC to the downside.Note
AMC just hanging out here- still hasnt gone over 64.00.. and as long as it hovers below- it will keep getting weaker and weaker and this coul dbe a spooky drop in the end. Be cautious.Note
Looks like the downswing has begun.Note
Downside Target 32.88Note
Target reached opening bell 7-15-2021 32.88
Moorsc0de aka Crypt0nomics aka Zaphkiel
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Moorsc0de aka Crypt0nomics aka Zaphkiel
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.