AMTX has been a stunning example of a stock with all the signs of a great bull run. AMTX is very similar to another stock we cover called Pacific Ethanol ticker $PEIX. We have been following the AMTX since it crossed over its EMA Daily lines in March 2014. The stock being uplisted to NASDAQ in June gave it more room to run from 6 dollars up to a high of $13. Last month there was a spook article that was published that created a create opportunity to buy into AMTX at a great discount. The stock has never looked back since its dip to the low 6's. The article proved to be false to a large degree and the stock remains to be very stable at 9.50. We see the stock poised to move higher again to re test its highs at 12 dollars. We have plotted our support and resistance lines. While this is a small Ethanol pure play, the volume in this stock is very low. So expect huge swings if the stock does in fact move higher and break 13 resistance.
Our target on this stock is 21.76
We are long this stock from much lower levels so our risk tolerance is very high. New positions should take an averaging in approach, attempting to catch the stock on pullbacks. AMTX should remain very firm at or around 9 dollars due to large support.
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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.