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GameStop Corporation GME It held strong Monday morning, rising more than 3.5% at one point, before being knocked down to edge lower in the afternoon.
AMC Entertainment Holdings asset management company and AMC Entertainment Holdings, Inc AMC Preferred Stock ape Also tried to break out, but ran into groups of sellers, with APE bearing the brunt of the bearish price action, down more than 5%.
Like the broader market, these three stocks are showing signs of indecision, ahead of Fed’s The rate hike decision is expected at 2:00 p.m. ET on Wednesday.
Consumer price index data from U.S. Department of Labor Inflation was higher than expected in August, despite four rate hikes in March, May, June and July, last week showed. The news raised concerns that the Fed could raise rates by 0.75% or even a full percentage point later this week.
Trading volumes on AMC, APE and GameStop were below average on Monday, a sign that traders and investors may be waiting to see how high the central bank can raise interest rates before taking new positions.
Let’s take a look at these three stocks first:
AMC Entertainment Charts: asset management company After reaching $10.75, it started a downtrend trade on September 12. The most recent lower high in the trend was $10.39 formed on September 15, while the most recent lower low confirmed was $9.21 the previous day.
On Monday, AMC was struggling to print an inverted hammer candlestick on the daily chart, which could indicate that the next lower low is in progress and the stock is set for a rally on Tuesday. An inverted hammer candlestick found in a downtrend may indicate that a temporary bottom has been entered, but Tuesday’s candle must be printed for verification.
The upper resistance of AMC is at $9.90 and $12.22, and the lower support is at $8.51 and $7.47.
APE chart: Since September 6, the candlesticks on the APE chart have been nearly identical to those of the AMC, although APE’s candlesticks have been more volatile, indicating more volatility in the stock. APE’s downtrend follows AMC’s, with the most recent lower high and lower low occurring on the same date.
If AMC rebounds on Tuesday, APE may follow suit.
APE has resistance above $5.21 and $6.08. In terms of price history, the only level of support below is the all-time low at $4.40.
GameStop Chart: game station It has been trading in a tightening pattern between the downtrend and uptrend lines since September 12. This pattern combined with a 33% decline between Aug. 23 and Sept. 7 could put the stock into bear flag mode.
Traders and investors can watch GameStop break out of the triangle with above-average volume ahead of its apex on Wednesday, although the pattern tends to be bearish. The bear flag will be cancelled if the stock breaks out of the triangle on above-average volume and regains support at the 21-day exponential moving average.
GameStop above the resistance at $ 32.29 and $ 35.53, below the support at $ 28.34 and $ 24.03.
See also: GameStop, Gods Unchained Exclusive NFT Partner: How to Get Free NFT Trading Card Packs
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