With omicron spreading, increased mandates and travel restrictions are becoming likely. The popular Meme Stock AMC is rolling over, and a breakdown below $20.00 could lead to a panic selloff. The next 48 to 72-hours are critical.
AMC DAILY CHART– Prices rallied from $1.92 to $72.62 in just 5-months. Most retail traders have a buy-in price above $15.00, and their profits are dwindling quickly. It’s easy to HODL when everyone sees green – it gets much harder when those numbers turn red (trust me).
In overview, as novice traders see their 2020 profits turn into losses, they may begin to panic. Prices dropping below $20.00 within the next 48-hours to 72-hours could initiate a cascading selloff. If prices don’t hold $15.00, they could reach $10.00 quickly.
AG Thorson is a registered CMT and expert in technical analysis. He believes we are in the final stages of a global debt super-cycle. For regular updates, please visit here.
AG Thorson is a registered CMT and expert in technical analysis. He believes we are in the final stages of a global debt super-cycle that will begin to unravel in 2020.