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Day 3 of the GME and AMC Meme Stock Rally

Written By: ChartChamp

May 15, 2024

Meme stocks turned red during pre-market hours. There are different narratives for GME and AMC.

AMC Has Diluted Investors

AMC issued 23.3 million shares of common stock, diluting investors. Some view this as a positive because AMC has paid down high-interest debt. Others view this as a slap in the face for those who are pumping the AMC stock.

AMC Has Support at $6.04

AMC has a key support level at $6.04. The price is currently trading below $6.04, and this could potentially turn into a wick back up. $6.04 is a key price level for AMC bulls to defend today. Thursday is the most bullish day of the week so I want to see if AMC is trending bullish by tomorrow. This seems like a nice dip for those who haven’t bought yet.

GME Drops After RoaringKitty’s Cryptic Post

Today’s narrative is that GME has dropped after Roaring Kitty posted a tweet about a grim reaper knocking on a door that says GameStop. I don’t buy into this, I think these are normal swings for the meme stocks. I feel like these are both good buy opportunities for those who want to gamble on AMC and GME.

GME Retests $36.53 As Support

GME has reached an important support level at $36.53. GME bulls need to defend this price level, and I have $49.40 and $64.74 as key resistance targets on the way up.

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