Overview:
AMC one-year reading for 2024
Status: December 11th, 2023 11:07 p.m. Eastern time, reading price is USD $7.11
Behavioral Trends in 2024:
The overall theme and behavior in 2024 indicate a really significant trade opportunity on a multi-year scale. This opportunity is improbable, suggesting some sort of significant trade opportunity. There is a really big price change at one point which could indicate a gap up or down, signifying a substantial move, either a high or a low. It suggests a significant opportunity on a multi-year scale and highlights an important support level on a multi-year scale. This might indicate a notable decline to briefly visit a multi-year support level.
Behavior around the highest high:
Behavior around the highest highs or highs for the year suggests caution. Near the highest high, there are multiple false tops, being that it’s the highest significator.
Behavior around the lowest low:
Behavior around the low shows a notable decline on a one-year chart scale through multiple support levels to reach the lowest low or lowest lows.
Sneak Preview for 2025
In 2025, it appears we’re bound by a range on a multi-year scale.
Multi-Year Standpoint
From a multi-year standpoint, in 2020, there was a failed attempt to break through key resistance and a decline through key support. Sideways rotation in 2021 turned into a notable move higher, followed by sideways rotation in 2022 with a fast upward move at the end of it. More sideways rotation occurred, ending with a fast upward move higher. Victory is expected in 2024.
Determining Price Levels
The key resistance and support levels in the multi-year reading show pivotal points. Bottoming is expected in 2024, which presents an opportunity to get back into a long position. In 2025, a rally with increasing momentum is anticipated, taking AMC to an important price level. There is a high and a low in 2026.
Highs and Lows:
The early March high offers an opportunity to close long positions and open shorts, expecting the high to be revisited, possibly in April or May. A decline in early June to a low in June offers an opportunity to open a long position until bullish swings in August or early September. The highs of September suggest opening a short position and closing that short position at the October lows, or if missed, at the November lows. In the midst of the November lows, opening a long position to close when the resistance throughout the year turns to support temporarily is recommended.
Best Trades:
In 2025, a long position should be opened at April’s low, added to in May, and completed if lower price levels are seen in October. If not, holding the long positions from April and May is advisable in anticipation of a rally higher in 2025. Cashing out is recommended at the high around June-July.
Monthly Overview:
JANUARY:
In January, the high occurs in early January, reaching an important price level that flattens out near important resistance. The January high has three pokes through the same trend line or resistance line, followed by a sharp decline after the third poke, taking us into a prominent trough on a one-year chart scale in the later part of January. There is a pop and drop in the later part of January, and out of the low, there is a significant move higher, pushing the upper end of a range higher on a one-year chart scale.
FEBRUARY:
There is a lot of trade opportunity between January and February. This presents a major opportunity, likely indicating a significant move to the upside in February. The price level in February shows enough price change to trade in both directions. In the later part of February, there is a resistance level that has been met many times before is highlighted. There is a move from a trough to a crest in the later part of February. The February low forms when there is a decline to meet a support level that was recently met, likely revisiting the lows from late January in the third week of February.
MARCH:
In the early part of March, there is a fast sudden move higher takes us into a March high, which is halted by a decline through a key support level on a multi-day scale. Behavior out of the low of March shows a breakout on a multi-day scale. There is mixed behavior back and forth throughout the later part of March, likely with two troughs amidst that behavior. An important support level is highlighted, crisscrossed back and forth on a multi-year scale. There is a brief peak that is easily missed, followed by a decline through multiple support levels.
APRIL:
In the earlier part of April, there is a brief peak that appears to be a failed attempt to break through a key resistance which we expect to break through based on price levels. Additionally, there’s an important trade opportunity around the April low. The April low forms a sideways fluctuating decline that precedes a rally in the later part of April. There’s a notable decline to multiple support levels, taking us into another prominent trough.
MAY:
In May, there are a lot of price changes involved around the May low towards the earlier part of May, that takes us to an improbable breakout. Then, there is a fast, sudden move higher that takes into a May high towards the later part of May. The pattern goes back into a peak around the cusp of May / June.
JUNE:
June sees a big move higher out of the trough. There might be a near-overbought crest that forms in the later part of May, which sells off into a June low trough. Then, there’s a big move higher in early June to reach distant resistance. The rally follows a diagonal trend line, breaking through horizontal resistance to meet a second resistance, and then pulls back to settle between those two price levels. This is how the highs along the diagonal trend line are entered. A significant high form on a multi-day scale in the later part of June when moving higher through resistance, briefly staying above it before breaking back down through the same price level. This high may be combined with the high in July.
JULY:
In July, an important high occurs, and there is a rally into resistance, followed by a decline with consecutively lower spikes on the way down, taking us into a July low, most likely early in the month. Then, there is erratic behavior back and forth through the same price level in the later part of July. In the midst of that erratic behavior, we usually revisit a crest that was recently a past opportunity, it may be revisiting either the crest from June or, if there’s another crest early or a second crest in July. This would mean revisiting it in late July. A notable reversal around the July high will stand out when looking back at 2024 amongst other reversals.
AUGUST:
In the earlier part of August, with the market moving sideways, it is advised not to chase a rally into a peak. In the later part of August, behavior around the August low will be kind of bullish but mostly sideways bumping along resistance, maybe breaking through resistance. Then there is a prominent peak in the later part of August on one chart scale that forms with sideways rotation ending with a fast move higher. At the end of August, there is a notable decline on a one-year chart scale out of the high.
SEPTEMEBER:
Into early September, declining through multiple supports, the September low is met. A big move higher takes us to a September high, which will be a prominent peak on a one-year chart scale. Then we retrace all the way back to a September low again amidst some price swings in the later part of September. That low might not be at the end of September; it might be more at the beginning.
OCTOBER:
At the beginning of October, prices swing from a low in early September up to a high, then swing into a low on the cusp of September-October, which will be a prominent swing low for the year as well, forming when there is a decline through support to meet second support. Amidst those price swings, there is a sideways rotation along that support. There is also a high in the midst of those price zones, a peak in mid October.
Additionally, there is some sort of fake-out around the October low, so caution is advised around the cusp. Mixed behavior is observed in the later part of October, like a sideways ‘S’ formation within a channel, and then equal amounts of bear inflow and outflow around the October. The October high appears twice, The sideways ‘S’ formation in the later part of October turns into more of a decline.
NOVEMBER:
In November, there is a decline increasing momentum, leading to a significant decline into a November low. This decline ends with a fast sudden move higher out of the decline towards the end of mid to late November. This unexpected move results in a prominent peak on a one-year chart scale, marking the November high.
.
DECEMBER:
In early December, there is a sideways rotation along key support, with several trade opportunities available. Out of the December low there is a rally that increases with momentum moving forward in time, taking us to a prominent peak, which is an important price level on a multi-year scale. December high forms out of a decline, with a big move from the bottom of a range all the way to the top of a range.