Time for a AMC TA today! We’ve got 2 important price levels to keep in mind.
See [https://www.reddit.com/r/wallstreetbets/comments/ofh1ha/sofi_soft_technical_analysis/](https://www.reddit.com/r/wallstreetbets/comments/ofh1ha/sofi_soft_technical_analysis/) for my SOFI technical TA.
I am applying my strategy as a day trader to see what our long term resistance and support levels are. I’m simply a day trader of three years that has consistently used standard deviations, RVI, and volume on a 6month and 1year time frame to determine my buy/sell areas on stocks, no matter whether I am swing trading or trading intraday. My current trading accuracy is 81%.
-Easy Breakdown of Statistical Standard deviations – 68% of a stock’s price range over a given time frame is within 1 statistical standard deviation (2 blue lines) of it’s average/regression trend (middle line), 96% within two deviations (first upper and lower purple lines), and 99.7% within 3 deviations (upper and lower purple lines). Most importantly, these deviations also function as true support and resistance levels, with deviations, once crossed, becoming either the new resistance or new support level.
Here is the AMC One Year Chart – [https://imgur.com/sn57BvU](https://imgur.com/sn57BvU)
Here is the AMC 6 Month Chart – [https://imgur.com/LD9uZNn](https://imgur.com/LD9uZNn)
Here is today’s Chart with the One year and 6 month Red Deviation support/resistance lines drawn in – [https://imgur.com/dCEhJGD](https://imgur.com/dCEhJGD)
Today’s price action and targets are pretty simple. For AMC to keep up its momentum, we need to stay above the +1deviation support level on the One Year Chart of $43.65 (upper blue line) which is also its dip buy price area. If we can hold support there, AMC needs to at least trade sideways and break up to our next resistance level of +1 Deviations on the 6 Month Chart of $53.91. That would be an extremely impressive move today as it would represent almost a full deviation swing over the last two days.
If bulls are somehow able to push us through our $53.91 Deviation Resistance, our next price target would be the One Year +2Deviation Resistance level of 58.78.
For the downside, should AMC break $43.65 area, we could see prices bounce off the 6 Month Regression Trend of $36.67.
I have included all these price levels on today’s chart. Good luck everyone, make some money today!
Here’s a quick bonus CARV example of Deviation Support. When a stock breaks aggressively off-trend sometimes we see price action above +4 deviations (Very rare). +4 Deviations on CARV One year Chart is 19.47 – [https://imgur.com/9s8DyP4](https://imgur.com/9s8DyP4)
Now where did we bottom out pre-market this morning? – [https://imgur.com/1S75rWJ](https://imgur.com/1S75rWJ)