I’ve taken a long call position here on AMC’s wedge…
I intend to sell before tomorrow’s ER.
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Since my last update, I have profited on AMC 2x…
Yesterday, I took another long position knowing (hunch, really) it was very likely they’ll beat Earnings estimates as well as guidance.
My boy Spidey brought home the dough last quarter and AMC did their part in trying to make the most of the other shows and revenue streams.
I also noticed their boldness in picking up otherwise dying theatre locations and/or reopening some of their own.
As it turns out, my hunch was correct–and the chart was reflecting this too.
RSI indicator shows a clear divergence since the price first touched $13.
This is a small win for the bulls, and bears can still play for sure.
Where does AMC go from here?
- We are still in a market correction.
- We are not fully out of the covid-19 craze just yet (fud news and whatnot).
- War from RU won’t be a help to encourage most institutions to go full on bullish.
Given all those points above, only retail craze will be driving the price vibrations for a while, imho.
The current high price to beat is 26.19, with 20.96 as the nearest resistance.
I’ll be looking to start some leaps in the next few weeks.
Latest News:
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AMC completed the cup today…
That Double Bottom on the 15min was a great entry at 11am.
Let’s see if it holds these gains until Friday.
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AMC insiders are starting to Acquire shares again.
5750f591-9940-4fe4-84ea-addd8c7878e6.pdf (143.4 KB)
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Critical Insider update: CFO sold -96% of his position…
https://d18rn0p25nwr6d.cloudfront.net/CIK-0001411579/ae1ac721-da06-4ba4-80b9-3f298394bf03.html
Then got awarded/purchased 56,658 shares.
Also Chief Content Officer also sold -66% of her position on Monday.
You can verify at openinsider.com, or just go directly to AMC’s SEC filings on their website.
I don’t like it when CFOs sell that much.
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On one hand, there’s this:
On the other hand, multiple bottoms happening:
@rexxxar time for LEAPS yet? 
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Soon enough, doc…
This isn’t a bad place to start, though.
I am waiting to see it break out of this wedge on the 13.40 line.
Another thing I’m waiting for is Big Buying Cignals from the CEO and CFO (now part of my standard).
So far, all I see are awarded shares.
There is time before the next Doctor Strange movie, to enter at an even lower price range.
Somewhere before the end of March, perhaps?
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Lolz, this is going well 
@The_Ni
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What are your thoughts on what’s happening with AMC? Interesting close and jumped above 16 AH. @The_Ni
I saw that there was another insider selling as well.
To be honest, I have no idea 
AMC is such a meme stock that I’ve only paid attention to sentiment some of the time. Their HYMC purchase is confusing - there is no actual, good reasonably realizable synergy. Other than, again, the meme value. Reminds me of this troubled utility that bought a biotech once upon a time. Like, wut?
As for price action, they are still testing the bottom that @rexxxar noted above, so will probably just sit on the sidelines and watch.
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Looking at the weekly chart, this may be the final bounce of AMC as it’s the first reversal on the weekly in a year if you look at momentum, likelihood is it will either continue running up or trade sideways unless SPY has other plans. It may move up further in sympathy with GME.
GME also has shorts at breakeven price $117 according to !si GME command.
Here is AMC chart with weekly momentum at the bottom.
I am by no means highly leveraged in this bullish position. I just prefer to play in my low confidence prediction with a modest amount to gain confidence in calling future movements, or let it be a learning experience; preferably the former.
So looking at the options chain (via barchart so it could be delayed/wrong) it looks like if AMC closed over 18.50 this week then there would be around 48,378ish options that would be in the money. Wouldn’t this mean there is a possibility for it to push higher? Especially if those calls are exercised?
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Not saying it can’t go higher but it won’t be because of 48k contracts going ITM. The float is massive and it would take much more than that to move it significantly
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This break today is great! I managed to grab 1 Strangle spread for 18/18.5 next week…
I still am of the opinion that we won’t see a really big move from AMC until around/after the Doctor Strange 2 showing.
Regardless, the major resistance lines to break are marked in pink now.
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I’m thinking we might have some serious social media FOMO tomorrow. Yes, GME started the run, but psychologically who wouldn’t go to the cheaper option that runs in sympathy.
About those resistance lines. How significant are they if we break through them during AH/PM because AMC is already up 9% in the AH.
Positions (took main profits just got some FDs in case moass):
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Yeah man. In quick hindsight, I should have piled all I got on strangles. El Mayo!
But, nah, discipline is what I’m trying to achieve this year.
If I’m wrong and this blows now along with GME, then I win some, not lose much.
If I’m right and May to June is still the start of the bigger winning months for AMC, then I’m bound to gain a whole lot more.
Emotions are dead here. Let’s keep following the buy signals.
Watch out for CFO buys.
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SPY is recovering + GME going back up. I’m looking closely here to see how AMC acts when both are the case.
Exited my position from yesterday for 10.5%, and reentered a few min ago with another strangle for next week.
I don’t plan on holding any of my positions for too long.
I take what gains I see overnight.
I am curious here though.
Might be few days worth of bullish momentum before it decides to drop back down to 16 or lower.
Out for the rest of the day.
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