I have felt the pain myself. It has been a very bad week as far as the stock market being down, and i actually made a video um. I think it was last week talking about a possible correction in the market and i just kind of knew that we were getting into overbought territory and that’s. What we’re, seeing this week right, everything’s kind of getting oversold we’ve, seen very popular stocks like neo and churchill, capital getting down to very low prices, which a lot of people didn’t think was going to happen, but i am still bullish on the stock market. I think this is just a short term correction, but i do believe that with the body administration they’re going to give the 1400 stimulus checks to everyone, so i think that that’s going to boost the economy – and i do see a nice bounce back – i think next Week is going to be a much better week in the stock market, but really one of the big news stories this week has been amc and gamestop. So a lot of people thought that you know amc and gamestop that it was over, but we actually saw some bullish. Momentum come back to both stocks, so with amc. The big news was that, with amc that they’re opening up their movie theaters again, which resulted in a nice jump in price and gamestop, i think the reason that we saw the price of gamestop moving up so much is just because there were so many sellers.
You know basically selling the stock that you know. Smart investors came in and bought the giant dip and now we’re, seeing that jump up back in gamestop, so it’s been a really good opportunity for any of you. If you got into either gamestop or amc after pretty much, everyone thought that those stocks were pretty much dead in the water, but basically in today’s, video we’re going to talk about um we’re, going to do a technical analysis of both stocks. And i just want to talk to you guys about important resistance and support levels so without further ado, let’s go ahead and get into today’s content i’m, going to start off with amc and for this chart, i’ve already gone ahead and plotted some very important resistance and Support lines, so, basically you know this is on the daily time frame. By the way, basically, we were consolidating. We were in a what’s called a ranging market and i’m going to go ahead and highlight this, for you guys so notice right here that basically, after this big sell off that amc, had it just moved sideways right. So from the from february, the 9th literally until february 19th, you know that’s a long time right. I mean it’s like for two weeks that stock amc was basically consolidating just going sideways and it was consolidating, but it was consolidating at an important res um. Sorry at an important support level of five dollars and 41 cents, and so after it got done consolidating it started, creating this new uptrend.
Okay, so now we’re in this new uptrend and we did break the um. We recently broke the 8.82 cent mark and we actually got up to 11. I think it was yesterday. We got up to eleven dollars and let’s zoom in and take a better look. So let’s go to the four hour on the four hour. You can see that we’re basically sitting at the trend line we’re just kind of sitting at support right now, as you can see right there, um and let’s go look further in on the one hour. So, on the one hour time frame, it looks a little bit more bearish because you can see that we actually broke through it, but there is a wick, which means there are people buying at these prices, which is a good sign. Personally, i would like to see amc get back up in this uptrend, okay, because here’s what’s going on right. If it continues to move the way it is, and let me change the color of that. You see right now, it’s just kind of moving down it’s kind of breaking this up trend a little bit, but right now you can see this downtrend it’s in so i want to see it break this little downtrend that i have here and i want to see It get back up in this uptrend, which is this green line here, that’s. What i would like to see – and i would be bullish if that happens, but let’s look out let’s, look at the one hour, so on the one hour, rsi guys notice that we are very oversold.
So we could get a nice bounce and if we did get a nice bounce, then we could see the price of um amc bouncing back into this uptrend, which would be incredibly bullish and that’s. Personally, what i want to see um, you know i i’m i’m, a big fan of amc. I like their theaters and i think, it’s a good company um. So i personally, i want to see this company do well and uh, so yeah that’s about it with amc. As far as the technical analysis, let’s go, let’s go and move towards um it’s, a good move towards gamestop, so with gamestop, basically what’s going on with gamestop. Is we had this um, almost a consolidation pattern with amc, but not not as similar. It was a little bit more of a downtrend, but we did find support at 37 and then we did break this down trend notice, how the price broke through here and then also. I also want to show you guys the moving averages, how they crossed over, which is another bullish signal as well notice how the the moving averages to 14 cross over the 50 ema, which is a really good sign to see as well. And then we got rejected at 173. Okay, so here was a rejection of 173 and now right now on post market, the current price is at 105 and it actually found support at my 14 day moving average okay, which is you know, not it’s, not a bad thing also.
This was also previous resistance. At one point, let me go ahead and plot this line, for you guys and change the color to red, so notice back here that this is one of the reasons why it’s at this current price is that notice how a hundred and 108 dollars this was previous Resistance, so now previous resistance is acting as now future support, so this. So this is where we’re seeing the price of gamestop. This is why we’re seeing it at these current levels, um and let’s zoom in on the 30 minute time frame. So in the 30 minute time frame you can see that we’re, just literally right there, we’re we’re sitting right at support and so let’s talk about what can happen with both gamestop and amc right, so kind of like i was talking about in the beginning, beginning of The video i’m going to go over to the nasdaq because i want i want to show you guys, a bigger picture, a macro picture of what’s going on in stock market right. So basically, what we’ve seen this week is. This is the nasdaq by the way. So last year you know during the trump and biden election we had this triangle formation and we broke out of it and notice how in both the nasdaq. Now this is the dow jones and now this is the s p, 500. Okay, so notice in all three of them they have they all. You know all three of them have the same pattern and basically in all three of them, we have kind of broken this upwards um channel and we broke through it, and the nasdaq right now is sitting at this very important support level of around 12.
000. 12. 782 is kind of, like you know the ultimate uh support line, but basically we’re just kind of sitting there. But what i’m optimistic about is that notice, the stochastic rsi? How oversold it is? Okay, i think it’s that oversold on all three let’s see was yeah. The s p 500 is also very oversold, so i think that we will get a bounce back honestly. You know we. We know that the stock market has been hitting new all time highs recently and you know that’s why i made a video a couple weeks ago. I knew this was going to happen. I knew we were going to have some sort of correction coming up and that’s. What we’re seeing right now but, like i said earlier with the stimulus checks, a lot of people are going to get those checks and just you know, invested in the stock market, so that’s going to pump a lot of money into the stock market and it’s going To also help a lot of small businesses, so that’s just going to help the economy out in general, and i think that maybe next week we will start seeing um the selling pressure starting to die off and it will be good for all of the stocks and It’S going to be good for both amc and gamestop as well and honestly, you know i love to see this with both stocks, because a lot of people thought that amc and gamestop were dead and obviously they’re not.
You know we’re seeing that uh. You know both of them are starting to climb back up and who knows, maybe they could reach some of those prices that we saw a month ago so but anyways that’s uh pretty much it for the technical analysis for today, if you guys enjoy the video, please Do me a big favor like subscribe hit that bell notification also leave a comment down below um any future recommendations.