To The Moon

Many of the meme stocks that saw sky-high stock prices in 2021 have come down significantly in 2022. Retail investors are also likely to remain keen to pick up on the latest meme stock. Dominated by younger investors, meme stocks are still seen as a way to generate outsized returns in a short period, especially in the face of rising housing costs and inflation in general. But meme stocks also remain very volatile and risky, and retail investors are likely to be the ones to experience the most losses when it all comes crashing down. Let's look at several meme stocks today:

AMC

The countdown is on to FearFest 2024. Ahead of AMC's annual lineup of Halloween programming, which returns for its 16th year in October, AMC Networks announced its month-long Countdown to FearFest. Available all September, the AMC+ streaming service will feature the collection of horror titles priming fans for the scare-athon.

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 4 times. This week, AMC showed the similar pattern (somewhere very close to the EMA50 blue coloured line) and I believe this will cause AMC to rebound pretty soon and surge again in near term. Bullish for AMC $AMC Entertainment(AMC)$  next week.

FFIE

Electric vehicle startup Faraday Future started Monday trading at the adjusted price following the 1 for 40 reverse stock split approved by shareholders on the last day of July. However, it’s not having a firm start. The reverse split allows the company to comply with the Nasdaq listing rule where a stock must have a minimum closing bid price of at least 1 USD per share for a continuous period of 30 consecutive trading days. It seems like FFIE will have another round of reverse split again and again.

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. The recent rebound was probably due to oversold and it usually won't last long. I strongly believe another crash is awaiting FFIE $Faraday Future Intelligent Electric Inc.(FFIE)$ very soon, a definite bearish vote for it!

COIN

Major crypto companies have emerged as the largest corporate political contributors this year, donating a significant portion of the 248 million USD to candidates ahead of the upcoming U.S. presidential election in November. Coinbase and Ripple are leading the charge, pouring massive investments into super political action committees that back candidates who support favorable crypto regulation.

COIN daily chart

For COIN, the stock retraced following the bearish market sentiment in crypto sector since mid July. We can also see a dead cross ❌ formation between EMA 25 and EMA 50 this week. But then for short term, it seems like COIN successfully stands back above its EMA200 support (Green line) which is a good sign of reaching a short term bottom. This week, the share price seems to be able to stay quite well above this EMA200 support. For such, I give Coinbase $Coinbase Global, Inc.(COIN)$  a bullish vote next week, as long as the share price stays above EMA200.

Rivian

Electric vehicle maker Rivian has temporarily shut down its production of delivery vans for Amazon over a shortage in parts. Rivian did not specify which parts or suppliers it was experiencing issues with at its Illinois factory. The company noted that the shortage is limited to the line of EV delivery vans Rivian provides for Amazon, and that it isn't expected to affect its SUVs or electric pickup trucks.

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. However, towards the end of the week, it seems to break out from its mid term downtrend pattern. A short term bottom is also formed at 12.87 USD area. This might be an indicator of trend reversal for Rivian, therefore a bullish vote for Rivian $Rivian Automotive, Inc.(RIVN)$ in short term.

SE

Sea Limited beat on Q2 revenue but missed on earnings. Importantly, its hit game "Free Fire" appears to be on the rise again. Management also raised its outlook on gross merchandise volume for its e-commerce division.

SE daily chart

By referring to the chart above, in early August, Sea plummeted below it's EMA200 which acted as a very strong support and the share price immediately rebounded from there. The movement was so bullish until the share price directly broke the recent new high at 76.60 USD, without any sign of pullback yet. For such, I believe Sea $Sea Ltd(SE)$ will continue to trend higher next week as the stock is trading at its 52 week high now. The next resistance will be somewhere around 88.87 USD.

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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