AMC price action analysisAMC's stock price corrected drastically after reaching all-time highs.
The bearish shark pattern correction seems to be completed and the hurdle is to break the trendline with huge volumes bouncing off of the demand zone.
The idea is neutral because there is a chance for collapse also. The breakdown below the demand zone completes descending triangle pattern. For the short covering move, it must cross and sustain the 48 price mark.
Patience is the key here. Wait for the confirmations to go long or short. For both long and short positions, targets are mentioned on the chart. Consider exiting at cost.
Happy trading.
This is not investment advice, Please consult your financial advisor before consulting.
