Trend line bounce I found a long term trend line that AMC has respected in the past. To the trading algorithms it acts sort of like a magnet for the price, either attracting or repelling. I've drawn out the Fib extensions based on past two week break out move. Including AH trading, the price seems to have fallen right on top of the tend line. I think we could see a pretty nasty bounce up from here tomorrow. Keep in mind in order to support this, we would need to see volume of around 500M in order to see a move up into the $40-50$ range.
The bearish scenario is we break below that trend line and move down to the $17 range. This would sweep premiums paid for ITM and OTM Call options.
I am not telling you to buy or sell anything. This stock is heavily manipulated through options chain and short exempt trading by brokers. Essentially the house always wins, so trade at your own risk. In my opinion, If over the last 9 months I were to take a long bet, now would absolutely be the time i would do so given these technicals. Very likely that the trading algorithms are thinking the same thing.
Good luck!
