AMC Entertainment ($AMC) was a great trade today. This one might be the one to trade tomorrow! (May 27, 2021)
AMC UPST
I want to look at AMC ( NYSE: AMC ) because this is like you should have been there yesterday, or I should say just earlier today. And then I want to look at, possibly, tomorrow’s deal, which is something that I have already covered once but we are going back to the well again.
With AMC ( NYSE: AMC ); this thing broke out a few days ago, it gapped up yesterday, gapped down today but had this big monster move. So the question is, whether the stock will break through 30.00? It couldn’t do it today. I am not going to talk about, well, if it does this, then that. If it does this then that. I will just say this, if it breaks out above 30.00 you are probably going to get a nice run that is continuing. But this is like hair on fire, grab your seat belts or something. But this will be a really big move if it runs up above 30.00. It’s just had such a monster move in a few days, it literally doubled at one point today.
The one that I want to look at here again is Upstart ( NASDAQ: UPST ). The reason is that this is very similar to what AMC ( NYSE: AMC ) was like, only, this is an IPO. You get this big move up to 160.00. This is actually my initial price target, but then a 2-day pullback. And then you have got support right there and now a move higher. And today the stock closed at almost 167.00. Well, just a couple of days ago the high was 164.00. So this shows you that there are more buyers that want this stock than there were at the very top of this move. This stock moves from $84.00 up to, at one point, $164.00 in 2 weeks or something. That’s a buyer’s exhaustion.
The stock pulls back for 2-days, wow, that was fun while it lasted, I should have got more. Two days and then the stock is up again; a little bit lower than average volume but come on, after this kind of volume here any day is going to be lower than average volume. But generally speaking, if you look at the way it traded back here, this is some pretty good volume. That was yesterday, today you look at it and you go, huh, I wonder if this thing is going to break out here? And it did.
So here’s my point, watch how this stock works tomorrow. The high of the day today is 171.87. First of all, I would start looking at it at 170.00 and if it is moving I would probably take an early position in. But if it gets to 171.88, that’s when you buy and you are probably going to make a really nice chunk of change. Tomorrow is Friday so I don’t know what happens after that but this should probably be a pretty good trade for you.
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