The Trade Plan:
- Buy around $38 retest
- STOP (with close) under $35
- Target near $48
- Higher-risk “spicy” idea: AMC Nov 26 2021 43 Call near $1.80
- More conservative idea: AMC Nov 26 2021 38 Call near $3.50
AMC Entertainment Holding Inc. (AMC) - Bullseye Pick of the Week
Original Alert went out on November 15, 2021.
All the bad news in the world has been thrown at it, and yet here AMC stands right around $40. It hasn’t broken down into the single digits as so many “smart” investors have been hoping for. The short interest is high and the stock is finding strong support in the upper $30 range for the last 2 months.
As I get ready to trade this, I think AMC will likely pull back to around $38 as a test. I would love to get an entry there. From there, my stop will be a break below the $35 level (closing below there, not just touching it).
If I am right however, I think a move near $48 or higher could happen soon.
Call it a “wedge” or “coil” pattern, this stock looks like it is ready to break the hearts of those who have been betting against it, once again.