Will Meme stocks party with bull market?

Retail investors are also likely to remain keen to pick up on the latest meme stock. Dominated by younger investors, meme stocks are still seen as a way to generate outsized returns in a short period, especially in the face of rising housing costs and inflation in general. But meme stocks also remain very volatile and risky, and retail investors are likely to be the ones to experience the most losses when it all comes crashing down.

AMC

AMC stock has been on quite the roller-coaster ride. From the dizzying heights of 2021 to the stomach-churning plunge of the past year, shareholders in the cinema chain that became the darling of meme stock investors have experienced more drama than a summer blockbuster.

AMC daily chart

If we look at AMC chart from technical aspect, since early June, the share price was resisted by the orange coloured downtrend line. But then towards the end of this week, the share price began to breakout from this downtrend line. At the same time, it rebounded at the EMA50 support. As predicted, AMC continued to curve upwards this week. Do take note that the short term resistance will be at around 6 USD. I believe AMC $AMC Entertainment(AMC)$ will continue to trend higher next week as the share price stays well above EMA10 now.

FFIE

Shareholders of the electric vehicle startup have been living a real rollercoaster so far this year. The company has delivered only one vehicle so far as it seeks more funding in the Middle East region. Last week, the company announced that the Nasdaq Hearings Panel has granted the conditional continued listing of its shares.

FFIE daily chart

Technically, it seems like another crash is awaiting for FFIE. If you recall, you can see how Faraday Future rallied in mid May and crashed after that. I believe similar history will repeat, the stock began to lose its momentum after the surge in end of June. Now the share price stays below all the EMA support lines. Such meme stock is definitely a high risk choice. With all the bearish technical indications, I believe FFIE $Faraday Future Intelligent Electric Inc.(FFIE)$   will continue to go lower and lower next week. 

COIN

Coinbase is launching an app that lets users track all of their on-chain wallets. This is in a continued effort to make access and user experience easier for newcomers to the space. The app will allow users to connect multiple wallets and let them buy, swap, send, stake or mint coins from their wallets. 

COIN daily chart 

For COIN, the chart above showed the formation of lower high recently, which might signify a downtrend pattern in the near term for the stock. With this setup, I believe Coinbase will continue to pull back towards its neckline support drawn in BLUE line, at around 194.36 USD. This is close to the EMA200 trendline support as well. Therefore, a bearish vote for COIN $Coinbase Global, Inc.(COIN)$  in the short term until the cryptocurrency market starts to rebound significantly.

Rivian

Rivian's roadmap includes the introduction of its lower-cost R2 model in the first half of 2026. The company's strategic moves, such as the recent up to 5 billion USD investment from Volkswagen, are seen as key factors in supporting its long-term growth and addressing upcoming market challenges.

RIVN daily chart

For Rivian, as I highlighted a few weeks ago that its nearest support will be around 10 USD, and this is a super strong neckline support as Rivian rebounds at least 4 times in 2024 once the share price touches this support. After that, Rivian shot up over 50% two weeks ago. As predicted last week, the share price shot up and engaged into a short term strong rally this week. Since the share price is able to sustain well above EMA200, I believe the next week will continue to be a bullish week for Rivian $Rivian Automotive, Inc.(RIVN)$ . 

SE

Sea's holdings include the e-commerce focused Shopee, which services Southeast Asia and Taiwan. The company also owns digital-payments provider SeaMoney and Garena, a global online games developer. Shopee is the largest business, contributing 9 billion USD out of Sea's 13.1 billion USD in 2023 sales.

SE daily chart

Sea finally began to retrace after a continuous weeks of rally since early June. It was then resisted by its short term downtrend line as drawn in ORANGE colour. Sea started to have signs of rebound when it reached the blue support line which is EMA50. Since it broke out successfully from the ORANGE downtrend line this week, I believe Sea $Sea Ltd(SE)$ will end its pullback and rebound soon. 

Do you like meme stocks? Which meme stocks have you invested in before? Do you make huge profits or losses? Kindly share your experience with the readers here ya.

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