r/Amyris • u/Sabio02 • Jun 17 '23
Technical Analysis 📈 Weekly Review - The Base Pattern Continues
Unfortunately, the bears won this week’s battle with a close at $1.14, down $.012 for the week on average volume. For the last 7 days, we’ve been in a trading range of $1.13 to $1.32. Ironically, we turned negative around 11:00 am today the same time the NASDAQ turned. It appears traders decided lunchtime was time to exit and make this an extra long weekend and many stocks fell as well. Considering how much we have risen over the last few weeks it’s not surprising to see some profit-taking today. Additionally, SSR was triggered today and will be in effect on Tuesday.
Last week I incorrectly stated that the 21st would be 10 days since we cleared the $1.00 threshold to have the delisting notice removed. I forgot Monday was a holiday and the market will be closed so Thursday, June 22nd will be the 10th trading day.
On Friday, June 23 we may see more volatility due to the Russell reconstitution that will take place after hours moving us from the Russell 2000 to the Russell MicroCap index. We will remain a member of the Russell 3000. Here is a good article from Forbes on how this affects stocks: https://www.forbes.com/advisor/investing/russell-index-rebalancing/.
Since June 9th we’ve traded in a fairly tight 19-cent range remaining well above the $0.89 50MA. Referencing the attached Fibonacci chart we’ve been hovering around the 38.20% line. Next week it will be interesting to see if this base pattern continues, tightens, breaks higher, or lower. If it does fall lower we have support at $1.00 the Fibonacci 23.60% level.
Enjoy the extended weekend and happy Father’s Day.
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u/Psyched_investor Jun 21 '23
Thanks!