$AMC >> OK ๐Ÿ‘Œ I got to go surf because the waves are good, but I want you to checkout this weekly chart Notice this weeks candle is floating above the upper Bollinger Band at 49.72 Now notice how this week's candle ๐Ÿ•ฏis making a lower high Keep in mind the weekly candle does not set until the closing bell on Friday If $AMC fails to make a higher high this week compared to last weeks high it will be a temporary top signal and the candles ๐Ÿ•ฏ will likely pullback into the Bollinger Bands and test EMA 4 @ 39.75 support After trading above the upper Bollinger Band on any time frame on a pullback into the bands EMA 4 is always the first support level If EMA 4 Holds when tested following a pullback it's the good low entry point for the reload If EMA 4 support fails to hold when tested it signals downside Lol ๐Ÿ˜† I've been charting the markets for years and this pattern and analysis is solid regardless if it is a meme stock or not (Open minds lead to better understanding)
Look at $AMC RSI @ 88 on the weekly chart >> this is an all time high and signals the temporary top is close Notice on the chart above RSI is already starting to hook signaling the run is tiring Once again it is foolish to put the cart before the horse and since the weekly candle doesn't set until Friday at the close anything can happen between now and then One of the things I do and I've been working on for years (literally lots of years) is early pattern recognition
I don't claim to be a guru or a master trader or even that I'm a rich guy ๐Ÿ’ฏ I just really like charts and technical analysis and I'm pretty good at sharing the information I'm 100% for the people and I've been a champion of the little guys and gals since way before the meme craze and the apes I've been helping people learn how to chart, make money and become financially independent for a long time I'm an OG Ape >> an ape before the apes I love all you guys and I'm so happy to see people making money and finding financial freedom Keep the dream alive >> just don't drink too much Kool Aid ๐Ÿ˜Ž๐Ÿ‘Œ