To The Moon

Meme stocks are shares of companies that gain popularity and experience price surges primarily due to social media and internet forums rather than traditional financial metrics or business performance. These stocks can be highly volatile and are often driven by hype and collective sentiment rather than fundamental analysis. Investing in meme stocks carries several risks: high volatility can lead to significant potential losses, and market manipulation by coordinated online efforts can result in unsustainable price spikes and subsequent crashes. Let's look at several meme stocks today: 

AMC

Recently, AMC Entertainment has been in the spotlight due to its ongoing efforts to strengthen its financial position. The company has been focusing on diversifying its revenue streams, including expanding into new business ventures and increasing its presence in the streaming market. Additionally, AMC has been navigating changes in the film industry and consumer behavior post-pandemic, aiming to adapt and recover from earlier financial challenges.

AMC daily chart

If we look at AMC chart from technical aspect, AMC seems to have a strong support at EMA50 (blue coloured EMA line). As shown in the highlighted circles, for the past 2 months, the share price has rebounded well once it touched the EMA50 line, for at least 3 times. This week, AMC showed the similar pattern and I believe this will cause AMC $AMC Entertainment(AMC)$ to surge again in near term. Anyway, I believe the incoming earnings will be the key decider. 

FFIE

As of late July 2024, Faraday Future has been making headlines with its push to ramp up production of its FF 91 electric SUV. The company has recently announced significant progress in its manufacturing capabilities and has begun ramping up deliveries. Faraday Future has also secured new funding to support its growth and operational expansion, aiming to strengthen its position in the competitive electric vehicle market.

FFIE daily chart

Technically, it is clear that another crash is on going for FFIE. If you recall, you can see how Faraday Future rallied every time and plummeted directly a few days after that, within a short period of time. I cannot see any sign of rebound for the stock right now. With all the bearish technical indications such as dead cross and all EMA lines curve downwards, I believe FFIE $Faraday Future Intelligent Electric Inc.(FFIE)$ will continue to go lower and lower in near term.

COIN

Coinbase has been navigating regulatory challenges and expanding its services. The company recently faced increased scrutiny from U.S. regulators, particularly concerning compliance with new cryptocurrency regulations. Despite this, Coinbase has continued to grow its offerings, including the launch of new trading features and institutional services. Additionally, Coinbase has been focusing on global expansion and strategic partnerships to enhance its market presence and adapt to evolving industry trends. 

COIN daily chart

For COIN, the stock retraced following the bearish market sentiment in crypto sector this week. Moreover, the share price failed to sustain above EMA50 trendline support. We can also see a dead cross ❌ formation between EMA 25 and EMA 50 this week. The nearest support will be at 194.36 USD which is pretty near with current price. I bet Coin $Coinbase Global, Inc.(COIN)$  will rebound next week as it is close to EMA 200 now where there will attract a number of technical buyers. 

Rivian

Rivian has been actively advancing its electric vehicle lineup and production capabilities. The company recently announced a major upgrade to its R1T and R1S models, focusing on enhanced battery technology and new features to improve range and performance. Rivian is also expanding its manufacturing capacity with new facilities aimed at scaling up production to meet growing demand. 

Rivian daily chart 

For Rivian, the share price retraced together with the bearish market and it seemed to struggle to stay above EMA 200 support this week. Next week will be critical for Rivian, if the share price fails to stand back above to EMA200, we will see a continuous correction in Rivian$Rivian Automotive, Inc.(RIVN)$  price. Anyway, the incoming earnings will be the key decider. 

SE

Sea Limited has been focused on strengthening its position in the Southeast Asian market. The company recently reported improved financial performance with increased revenue across its e-commerce and digital entertainment segments. Sea Limited is also advancing its fintech division, with new initiatives aimed at expanding its payment services and digital banking offerings. 

Sea daily chart

By referring to the chart above, Sea seems to be in a consolidation phase for the past 3 months. 76 USD becomes a triple top resistance and 63.29 USD acts as a near term support for Sea. However, last night Sea plummeted towards 60 USD until it reached its EMA200 support. I believe this is a very strong support for Sea $Sea Ltd(SE)$ and we should at least see a technical rebound in its share price in very short term, probably by next week. 

Do you like meme stocks? Which meme stocks have you invested in before? Do you make huge profits or losses? Will you choose to buy the pull backed AI stocks or still meme stocks? 

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