AMC Update
The market has been doing very good the past few weeks. It seems like everything is trending upward. That is also the case for AMC. but it is trending up at a much less as steep of a slope as compared to the rest of the broader market. So when will the apes get their squeeze moment?
In the chart directly below you can see the long-term trend of AMC. The long-term trend has been down. But AMC's price is just below the very long-term trending resistance. The longer the resistance level is valid then the stronger it is. So if we break above this level then we could very well get a nice reaction from investors to the upside. But always watch for the rejection of this long-term resistance just like you would any other resistance level.
In the chart directly below you can see the long-term trend of AMC. The long-term trend has been down. But AMC's price is just below the very long-term trending resistance. The longer the resistance level is valid then the stronger it is. So if we break above this level then we could very well get a nice reaction from investors to the upside. But always watch for the rejection of this long-term resistance just like you would any other resistance level.
Here is a closer look on the daily candles where you can see the rejection of the long-term resistance that happened about 6 days ago. You can also see how AMC's price is just above a short-term support as well. It is highlighted by the purple line. This is basically the current bottom of this downtrend. So if we break below that short-term channeling support it will appear very bearish.
if you're looking for a play then here are a few possibilities. You can go long at the breakout of the long-term resistance or you can go short at the rejection of the long-term resistance. The long-term resistance is highlighted by the green line. Another couple possible plays could be going long at the bounce near support or going short at the breakdown of support. The support line is highlighted by the purple line at the bottom of the chart.
So what do you think my friendly apes? Will AMC squeeze above this very long term resistance in the near future? Will it stay range bound within the price channel you can see in the chart directly above? Or will we fall below support for a further breakdown?
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SpyderCallOP : @102640653
Expendabiggles : Soon as the FED’s bullsh*t plunge protection team runs out of market cocaine we’re going into the ground HARD!
SpyderCallOP Expendabiggles: LOL!!! BUT SEEMS TO BE THE CASE. THE MARKET'S GOT TO BE ON CRACK IF IT'S A RALLYING WITH ALL THESE BAD ECONOMIC DATA AND WEAK EARNINGS. THE ONLY THING I CAN THINK OF ONE OF YOUR RALLYING IS BECAUSE THE MARKET IS PRICING IN THE FUTURE POSSIBLY
Expendabiggles SpyderCallOP: Not rallying, the FED and dumb ass janet yellen literally propped it up with more printing. About 120 billion. Same BS that started this mess so biden admin dont have to face the music (they’re hoping) before midterms that they drove us straight into recession. Reality is going to drop kick them in the face like a mack truck. I actually feel bad for anyone that has no clue whats about to happen and believes the lies our tard president says. Guy is beyond stupid. Wish I had s stronger word for how dumb or leaders are.
SpyderCallOP Expendabiggles: are you talking about the chip bill and the clean energy bill and all that money we gave to ukraine?
SpyderCallOP Expendabiggles: and I agree about the dumbleaders. most of them are pretty dumb and they're just pawns being controlled by the puppeteers. and for some reason one of the greatest countries in the world has an especially dumb leader unfortunately for us
Expendabiggles : No, the money being printed by the FED and their Plunge Protection Team being pumped into the market to stop it from crashing after all this horrid data.
SpyderCallOP Expendabiggles: got ya
Expendabiggles : Basically the fed shores up the bad market by purchasing debts and fund futures and most likely a bunch of other sneaky behind the curtain stuff to cause a temporary market rally. Temporary because if the FED don’t keep buying, the market returns to its normal state and direction aka Down. The FED tapering off this spending in 2020 is what started all this but truth be told we need the FED to stop manipulating the market and let it correct but we cant correct with biden destroying everything because we’ll end up in a depression from that idiot so their artificially boosting it to stop the crash from his dumb policies wrecking everything. This whole house of cards is going to implode.
SpyderCallOP Expendabiggles: you know what now that you mentioned this I remember how j Powell said that there is no exact calendar or exact date of when they will taper off the bond purchases in debt purchases and whatnot. I was assuming at the time that he was hinting towards the fact that they were going to keep buying and what they said before was BS. so you may very well be exactly right.
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