Are you still monitoring meme stocks?

Meme stocks appeal to our fear of missing out (FOMO) and our desire to get rich quickly. For many investors, it may also appeal to our desire to belong to the tribe–as forums across the internet and social media will create the perception that everyone is participating. Since meme-stock trading doesn't require studying a company or relying on the metrics of earnings, profitability and growth, you could potentially lose your whole investment, as meme stocks and their trading volumes are highly volatile.

AMC

August 2024 will be the month where 13 shows from AMC are going to be added to Netflix. And this is definitely great news indeed. The decision to allow Netflix to stream its shows is in the hopes of more people watching them, perhaps gaining more subscribers on AMC and AMC+.

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 until it started to show weakness towards the end of this week. At this level, we can monitor AMC at EMA25 or EMA50, it should rebound anytime near these 2 trendline support levels. Therefore, I am looking for a rebound in $AMC Entertainment(AMC)$ next week. 

FFIE

After delivering one FF 91 2.0 electric vehicle year to date, the electric vehicle startup Faraday Future is preparing to continue the deliveries after a hiatus period in early 2024. The company will host an investor community day at its headquarters on July 20, eleven days before the Annual Meeting where shareholders will be voting on several proposals, including a reverse stock split.

FFIE daily chart

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

COIN

Coinbase has captured the crypto community's attention with its recent announcement to support a new token, Ancient8 (A8). The news has sparked excitement and speculation about a potential price rally for A8. Historically, positive endorsements from major exchanges tend to drive asset prices higher.

COIN daily chart

For COIN, the stock started to rebound following the positive sentiment in the crypto market this week. The good news is the share price successfully stands back on EMA lines and we are having a gold cross between EMA25 and EMA50 which signifies a trend reversal! For such, I will switch my bearish view on $Coinbase Global, Inc.(COIN)$  to bullish, as the stock might have a higher probability to trend uptrend some more in short term. 

Rivian

Rivian recently inked a deal with global automaker Volkswagen to create a joint venture that would share electric vehicle architecture and software. Volkswagen will invest up to 5 billion USD in Rivian. Further, the joint venture will help Rivian cut operating costs even more by leveraging volumes of supplies and components.

Rivian 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 5 times in 2024 once the share price touches this support. After that, Rivian shot up over 50% towards end June. Currently, the share price is able to sustain well above EMA10. For such, I believe next week will continue to be a bullish week for $Rivian Automotive, Inc.(RIVN)$ . No any sign of weakness yet despite the weak US market this week. 

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 July. It might be a head and shoulders formation in SE chart. 67 USD as drawn in blue is a critical support level to hold as this was its short term neckline support. I believe $Sea Ltd(SE)$  will rebound here next week, forming a triple bottom pattern and head towards 76.16 USD again. However, investors need to monitor closely, if 67 USD support is broken, the share price will surely crash towards 60 USD, somewhere near the EMA200 line.

Do you like meme stocks? Which meme stocks have you invested in before? Do you make huge profits or losses? Or so you join Trump trade recently? Kindly share with us.

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