AMC Price Update – Dropping Below $20.00 Could Trigger Broader Collapse

AMC Price Action Recap

• Last week I noted the pattern breakout in AMC that signaled a near-term target of $32.00 or higher.
• Prices spiked to $34.33 and reversed immediately at the described levels.
• A post-Fed minutes plunge below $20.00 would support a collapse to fresh lows in April.

AMC Daily Chart and Price Forecast

Prices stopped cold at multi-zone resistance highlighted last week – AMC needs to hold $20.00 between now and Friday to prevent a more extensive breakdown. Collapsing below $17.00 would promote the worst-case bearish scenario and drop to new lows.

In short, AMC needs to hold $20.00 to remain constructive. Slipping below $17.00 would support a breakdown.

I own HYMC, so I want to see AMC prosper, but at the moment, the technical outlook is a bit scary. I think the Fed may break something when they tighten.

Disclosure: I’ve been long HYMC before AMC took a 22% stake.

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.