To The Moon

If gambling or speculating, rather than investing, is your idea of accumulating wealth, then buying meme stocks is the way to go. However, if holding on to your hard-earned cash through long-term investments is what you have in mind, then it is probably best to steer clear of meme or high risk stocks.

AMC

It's been a slow year so far at the box office, which has spelled trouble for AMC and other theater operators as Hollywood still works to recover from months-long actors' and writers' strikes that significantly delayed film and television productions last year, and adapted to competition from streaming services. A number of films that were supposed to have premiered by this point in the year—"Deadpool 3," "Kraven the Hunter," "A Quiet Place: Day One" had their releases pushed back for months and some, like "Captain America: Brave New World," "Snow White" and "Mission: Impossible" now won't be released until 2025.

AMC daily chart

If we look at AMC chart from technical aspect, it seems like the stock starts to lose its momentum. Since early June, the share price was resisted by the orange coloured downtrend line. In addition, with the cool down of meme frenzy in the market, I think $AMC Entertainment(AMC)$  will continue to retrace next week. Anyway, I believe that the movement of GME will have a large impact on AMC too due to their meme nature. 

FFIE

Calling Faraday Future an“EV maker”is relatively generous, considering the firm built roughly 15 vehicles last year and sold just four. (It also leased six and has several more as finished goods on its balance sheet).“Early-stage EV startup”is a more fitting term. Furthermore, the company chose not to provide any production-target guidance for 2024 at all. Surely, that's not a positive sign.

FFIE daily chart

Technical wise, it seems like another game over is approaching Faraday Future. The stock is unable to sustain the big rally happened in mid May. Since then, the share price continued to retrace significantly and I believe, under the orange coloured short term downtrend line resistance, $Faraday Future Intelligent Electric Inc.(FFIE)$  will continue to pullback next week. 

COIN

Crypto exchange Coinbase has unveiled its newest offering, pre-launch markets, which will enable users to trade perpetual futures contracts on tokens that are in their pre-token generation event (TGE) stage. Coinbase will become the first major exchange to incorporate pre-launch perpetuals, a market niche that has become increasingly popular. 

COIN daily chart

Another boring week for crypto! For COIN, the chart above showed an alert sign of further retracement as the share price broke below EMA50 trendline support last night. With this setup, I believe Coinbase will continue to pullback towards its neckline support drawn in BLUE line, at around 194.36 USD. A bearish vote for $Coinbase Global, Inc.(COIN)$  in short term.

Rivian

Rivian recently launched its next-generation R1T pickup and R1S SUV, after the vehicles had been seen testing on public roads a handful of times in the past few months. The automaker also unveiled its next-generation platform, the R2, earlier this year, along with a surprise unveiling of an additional platform, the R3.

Rivian daily chart

For Rivian, the share price underwent correction significantly last week. The 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. I believe history will repeat and similar thing will happen again. Since the current share price is very close to the support, the chance for $Rivian Automotive, Inc.(RIVN)$  to rebound next week will be relatively high. 

SE

We see Sea entering the‘post post-Covid phase’from a position of strength (multiple competitive moats, scale advantage and financial muscle) to tap the 15% compound annual growth rate in the Asean e-commerce and fintech space. And recently, the uptrend in Sea chart is very bullish as we can observe from its chart below.

SE daily chart

Another crazy week for SE, the stock price remains strong despite the pullback in US markets end of this week. For near to mid term, my first target price for SE will be at 88.68 USD, which is approximately 16% of gain from current price. How I set the 88.68? It's based on the previously double top resistants in May 2023. I believe $Sea Ltd(SE)$  will continue to trend high towards this target. 

Readers, 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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