To The Moon

The market has been wild for the past couple of months. The economy is looking really bad which has caused theS&P 500+ other indices to retrace. This has brought selling-pressure toAMCcausing it to trade in a large downtrend. Finally this downtrend has been broken. We made a quick push to get rejected by the 21$ level. This is a significant level forAMCdue to the fact that we double bottomed at this level in December. The 21$ level is a large level of resistance confirmed by VPVR and sellingvolume. In addition we also had a green 9 (daily chart) on the TD-Sequential hinting for a retracement.$AMC Entertainment(AMC)$

As of nowAMChas made a deep retracement to the 7.86 FIb level. This level is a healthy long-term retracement. We have now confirmed a doubble bottom at this level. The VIX-Fix on the 4h chart indicates that we are at or near a bottom.Bullish Divergenceis visible on theMFIwhich leads me to believe thatAMCwill have a retest of the 18$ level. The level of 18-20$ are large levels of resistance confirmed by the VPVR and the sellingvolumeonce reached. We also have a red 8 on the TD-Sequential on the 4h chart. The significance of the TD-Sequential on the 4h chart can be displayed while looking at previous trading days. Once a red 8-9 appears it indicates a bottom. Thevolumeis also starting to pick up which is a good sign of reversal. ForAMCto remainbullishwe need to see a 4h close above 16.73 confirmed with goodvolume. We have to establish strong support at the 16$ level beacuse it is a large VPVR node. TheEMARibbons are used as resistance at the 17-20$ level. When these are established as supportAMCwill look amazing.

AMCalso hasearningsin 5 days. This could get the stock price to increase significantly. Theearningsare estimated to be positive which could be reallybullishforAMC. IfAMCbeatsearningsand theS&P 500+ other indices riseAMCwill follow really well.

Looking at the options chainAMCwill most likely be trading around 15.50-20$ this week. The most open interest is located at 20$ which is a good sign. Lower price targets are not in the cards forAMCby looking at the options chain. Most likely the week will close at or well above 16$.
*WARNING* This thread is not financial advice. I am not a financial advisor.