Monitoring meme stocks using RSI

General

Last week, U.S. stocks experienced mixed performance. The ongoing rise in oil prices further lowered the market's risk appetite. This also led to the U.S. Dollar Index hitting a three-month high last week. Bond yields in the U.S. continued to climb as well. This indirectly indicates that the Federal Reserve may not be able to cut interest rates too quickly, as it could reignite inflation.

Let's look into the following meme stocks:

FFIE

This EV maker had experienced a tragedic weeks and the share price starts to find its short term bottom and currently at consolidation phase. 

FFIE Daily Chart

The stock attempts to rebound tonight but the selling pressure remains strong. However, I am $Faraday Future Intelligent Electric Inc.(FFIE)$ forBullish for short term due to the fact that the RSI indicator shows that the stock is oversold for quite some time already, which stays well below 30!

The company also reported the observation of suspicious activities that suggest a coordinated effort to undermine its valuation through misinformation and manipulation of market sentiment. They announced multiple measures to address this challenge such as dissemination of accurate information, focus on company long term growth and also might take legal action against illegal short selling and market manupilation.

AMC

For AMC, it got a pretty similar trend as FFIE. Both dropped by a significant amount for the past weeks. By looking at the RSI, this stock was oversold as well, far below 30.

AMC Daily Chart

Therefore, it won't be a surprise if the stock rebounds with a big green candle in near future. Therefore, I am short term $AMC Entertainment(AMC)$  from technical analysis aspects. Moreover, Taylor Swift has partnered with AMC to release her concert film, this might potentially boost the company's value in near term. 

How do you think guys?

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