AMN Bearish game plan PT $94/$88/$82
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Please take a look at the chart (ignore the letters on the waives they are just randomly placed and are irrelevant in this idea) .
As you can see AMN was moving in the ascending channel for the past two years , never broke the bottom of the channel ,always bounced back from it for the past couple of years before recent.
As you can see from the chart AMN moved to the down side broke the 2 year support (simple channel line) test it one time , got rejected, tested second time and got rejected as well (last few days)
it is currently "dancing" on $100 (50ma on the daily) support line , so if it is going to pass the $100 level (which is also a psychological level as well - $100,50MA.....) then we can possibly see AMN testing $94 area , if it bounce back from $94 and close above $108 then we can see AMN continue to move to North East direction ,if $94 support line gets penetrated to the downside and AMN close below it then there is a possibility for AMN to find another support at around $88 level, if it is not going to hold then $82 level will be the next stop.Also look at the FIB levels and mentioned above price levels.
It is looks to me that for the past couple of month AMN has been in the distribution phase and now reached the point of being on the doorsteps of massive sell off (take in to consideration current market condition as well).But how it is going to play out we are going to find out with in few days.
I am holding $105 and $100 PUT contracts MARCH 18 22 .
As you can see AMN was moving in the ascending channel for the past two years , never broke the bottom of the channel ,always bounced back from it for the past couple of years before recent.
As you can see from the chart AMN moved to the down side broke the 2 year support (simple channel line) test it one time , got rejected, tested second time and got rejected as well (last few days)
it is currently "dancing" on $100 (50ma on the daily) support line , so if it is going to pass the $100 level (which is also a psychological level as well - $100,50MA.....) then we can possibly see AMN testing $94 area , if it bounce back from $94 and close above $108 then we can see AMN continue to move to North East direction ,if $94 support line gets penetrated to the downside and AMN close below it then there is a possibility for AMN to find another support at around $88 level, if it is not going to hold then $82 level will be the next stop.Also look at the FIB levels and mentioned above price levels.
It is looks to me that for the past couple of month AMN has been in the distribution phase and now reached the point of being on the doorsteps of massive sell off (take in to consideration current market condition as well).But how it is going to play out we are going to find out with in few days.
I am holding $105 and $100 PUT contracts MARCH 18 22 .
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