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at 8:30 am on May 21, 2021 | 1 comment
Overnight saw some upside volatility return to equity markets due to a mish mash of good and bad economic news and some further FedTalk from hawks and doves over the coming tapering (or not tapering) of the US economy, plus the jumbles around the ever interesting labour market. The USD took back its gains against the major currencies, while Wall Street reverted back to its previous levels but still looks weak going into the end of the trading week. Treasury yields fell back ever so slightly while heat continues to come out of commodity prices with oil off another 2% lower as gold continues to outperform the cryptos.
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5/20/2021 1:49:00 PM GMT | By Ivan Brian
AMC shares fall nearly 4% from the open on Thursday.
Shares of the embattled theatre chain are close to a break of the key $12.22 support level.
AMC one of the few stocks down in a positive market.
Update May 20: AMC shares are under pressure straight from the open on Thursday as the stock has dropped nearly 4%, trying to break the key $12.22 support. This is key to the bullish trend we have seen recently in AMC. Breaking $12.2 also breaks the 9-day moving average and moves AMC into a more neutral zone. The sharp move up had seen momentum oscillators Relative Strength and Commodity Channel Index show overbought levels on Tuesday. AMC shares are just hovering below the key support at $12.19 at the time of writing, down 3.4%.
5/19/2021 9:16:47 AM GMT | By Ivan Brian
AMC shares retreat from strong resistance as Relative Strength Index peaks.
The entertainment giant s shares still gain for the eighth day in a row.
AMC benefitting from flows out of Bitcoin back to meme stocks.
AMC shares staged their eighth day of consecutive gains on Tuesday and in the process broke key resistance at $14.54. The shares rallied strongly in the premarket on Tuesday but found the regular session tougher. AMC eventually retreated back below the $14.54 resistance level and closed out the day at $14.03.
Just in case you are not too familiar with the whole GameStop and related meme stock saga, here is a little recap of the story so far from AMC s point of view. AMC is a global cinema chain and, as a result, has struggled during the global pandemic as most of these cinemas have been closed for the better part of a year. The company narrowly avoided bankruptcy through the interes
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Alibaba (BABA) Stock Price and Forecast: BABA shares rally as RSI and CCI flash oversold signalsNEWS |
5/19/2021 10:40:31 AM GMT | By Ivan Brian
BABA shares saw oversold signals from the Relative Strength Index (RSI) and Commodity Channel Index (CCI).
BABA retraces up to 9-day moving average resistance.
BABA remains in bearish formation below $220.
Alibaba (BABA) is the Chinese Amazon (AMZN), and with China being a country of nearly 1.5 billion people, that is an impressive marketplace.
BABA is one of China’s most successful internet companies and has a similar business model to Amazon with an online retail marketplace, a cloud business and a stake in a fintech e-payments business called ANT Group. ANT Group was due to IPO in late 2020 but was pulled at the last minute after BABA and ANT founder Jack Ma gave a speech in which he appeared to criticize Chinese regulators and the banking industry. The IPO (Initial Public Offe