3 Reddit Stocks That Could Face Trouble Ahead: A Technical Analysis

April 14, 2021 5:32 pm
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
3 Reddit Stocks That Could Face Trouble Ahead: A Technical Analysis

GameStop Corp. (NYSE:GME) stock may not be revisiting its recent highs anytime soon.

Resistance has formed at the $200 level for GameStop. This could put a top on the stock, at least in the short-term.

Resistance is a large concentration of sellers who have gathered at the same price level. Rallies end when they reach resistance levels.

The GameStop chart shows the $200 level has been resistance in recent weeks. 

gme.pngAMC Entertainment Holdings Inc (NYSE:AMC) has offered buyers another opportunity.

There is support for AMC around the $9 level. The stock is currently testing this level.

Support is the opposite of resistance. It is a concentration of buyers gathered around the same level. Selloffs tend to end when they reach support levels.

The chart shows that in late March, AMC rallied when it fell to the $9 level; this could occur again. 


Sundial Growers Inc (NASDAQ: SNDL) may continue to trend lower.

The stock has broken support around the $1.10 level. This is where shares found a bottom in early March. A rebound followed.

When a support level breaks, it is a graphical illustration that the large group of buyers who formed the support are gone. They finished their orders.

With this large amount of demand out of the market, the sellers will have no choice but to sell at lower prices. This has forced the shares into a downtrend.

See also: What are Reddit Stocks?


Related Articles

3 Reddit Stocks That Could Make Big Moves Lower This Week

Popular Reddit stocks SOS Limited (NYSE: SOS), AMC Entertainment Holdings, Inc. (NYSE: AMC), and NIO Inc. (NYSE: NIO) are trading at import read more

AMC Entertainment Must Hold This Key Resistance Level

AMC Entertainment Holdings Inc (NYSE: AMC) was thrown into the GameStop Corporation (NYSE: GME) controversy at the end of January and has since entered into a long consolidation pattern. read more

Why Cramer Isn't A Fan Of Buffett's Advice To Retail Investors On Not Owning Individual Stocks

CNBC host Jim Cramer has rejected Berkshire Hathaway Inc. (NYSE: BRK-A) (NYSE: BRK-B) chairman Warren Buffett’s advice to new retail investors to invest in index funds rather than individual stocks. read more

Boeing, Microsoft Fall In Another Mixed Day Of Trading For The Market

U.S. indices were trading relatively flat again Wednesday after the Fed left interest rates unchanged. Comments from Fed leadership suggest even as the economy continues to improve, easy monetary policy may stay in effect. read more