AMC - Amur Minerals

This is sitting at a critical point.
10 and 20 EMA have pierced below the 50 and the 200 looks vulnerable.
Am I right in seeing 5p as the next support below 7.5p.
Certainly, after this morning's RNS there may be little on the fundamental front to prop up the SP in the short-medium term.

invst.ly/3eayc

support: 6.79,,,5.92,,5.19,,,4.5




dl.dropboxusercontent.com/u/4899609/amur7thmarch2017.png

This broke through the ichmuku cloud support a few days back as well so looking bearish, but currently fighting the 200ema so this needs to hold or else it will go down fast to the lower levels around 6p area.



dl.dropboxusercontent.com/u/4899609/2017-03-07%20%281%29.png

the fact that the 61.8 fib held once and then went through is also negative as ive seen many times shares correcting a full 100% if the 61.8 fib breaks down. So that would be the worst senerio target.
Penny shares, kinda dangerious to trade as can go both ways fast.
as trendfriend mentioned earlier, the 200ema is the key, a close below this and that could be the signal for lower supports been tested again

Great analysis, remo. Hugely appreciated. When AMC goes off the boil it tends to do so for a protracted period, so those lower targets could well be hit.

Just catching up to the days action here....i did see this coming down in the morning, but didn't place a order at 7.5p, mainly because i'm loaded with too many longs atm....

anyway the plan here was to buy at 7.5p, only holding the trade if we then rallied back above 7.9p, being the 200 day ema line, by eod

Having failed to rally back up, I think we need to see if buyers come in for the stock...and how this closes the week out.
A weekly close below the 200 day ema line is not good, and could/should lead to more downside here....so this needs to jump back above that level quickly...

So weekly close below 7.9p (number changes daily) should open a move to 4.6p which to me looks to be the next support level....a gap support.

This moved up quickly from 2.5p to about 15p on the first run up.....which didn't leave many support levels in between imho...
atb, wdik, dyor,
trendfriend

amc daily (chart from 10 mar 2017)

this retested the 200 day ema line and failed, so caution with longs imvho.....

wdik, dyor,
trendfriend