Meme stocks cool down this week

Buying stocks guided by a meme internet culture may be done to make a profit or to make a point. Some meme stock investors make big profits, but many don't because perfectly timing when you buy and sell stocks to make money is often tricky.

Like all investments, buying stocks comes with a risk you'll lose your capital. If short-term wealth generation is the goal, it's unwise to be cavalier about splashing your cash based on a social media frenzy.

AMC

AMC is heading back to Silicon Valley, this time via an untitled drama series from“Succession”and“Bad Sisters”writer Jonathan Glatzer. The project, from AMC Studios, has been given a greenlight by AMC and sister streamer AMC+. 

AMC daily chart 

If we look at AMC chart from technical aspect, since early June, the share price was resisted by the orange coloured downtrend line. But then towards the end of this week, the share price began to breakout from this downtrend line. At the same time, it rebounded at the EMA50 support. As predicted, AMC started to curve upwards this week. Do take note that the short term resistance will be at around 6 USD. I believe AMC$AMC Entertainment(AMC)$  will continue to trend higher next week.

FFIE

In order to introduce a successful product to market, there must first be demand for it. That's the main challenge facing premium electric-vehicle manufacturer Faraday Future. Amid a crowded field that's becoming even more saturated, credit must be given where it's due: the company is going the ultimate contrarian route, raising prices when it should be lowering them. Still, contrarianism alone may not save Faraday Future stock.

FFIE daily chart 

Technically, it seems like another crash is awaiting for FFIE. If you recall, you can see how Faraday Future rallied in mid May and crashed after that. I believe similar history will repeat, the stock began to lose its momentum after the surge two weeks ago. Now the share price stays below all the EMA support lines. Such meme stock is definitely a high risk choice. With all the bearish technical indications, I believe FFIE $Faraday Future Intelligent Electric Inc.(FFIE)$  will continue to go lower and lower next week. 

COIN

The price of Bitcoin briefly dropped to 57,874 USD amid a wider sell-off in the crypto market, while 54.9 million USD in Bitcoin long positions have been liquidated in the last 24 hours.

COIN daily chart 

Another bearish week for crypto! For COIN, the chart above showed the formation of lower high recently, which might signify a downtrend pattern in near term for the stock. With this setup, I believe Coinbase will continue to pull back towards its neckline support drawn in BLUE line, at around 194.36 USD. This is close to the EMA200 trendline support as well. Therefore, a bearish vote for COIN$Coinbase Global, Inc.(COIN)$  in short term.

Rivian

Electric vehicle start-up Rivian Automotive posted solid delivery numbers on Tuesday this week, offering another reason for the stock's recent run-up. Rivian reported second-quarter deliveries of 13,790 vehicles, up about 9% year over year. Wall Street was looking for about 12,000 units. Production dipped though. Rivian made about 9,600 vehicles, down from almost 14,000 produced in the first quarter of 2024.

Rivian daily chart

For Rivian, as I highlighted a few weeks ago that its nearest support will be around 10 USD, and this is a super strong neckline support as Rivian rebounds at least 4 times in 2024 once the share price touches this support. After that, Rivian shot up over 50% last week. This week, the share price seems to be able to hold pretty well, and as long as it stays above 14 USD, I am bullish for Rivian $Rivian Automotive, Inc.(RIVN)$  in short term.

SE

Southeast Asian tech giant Sea Limited on Monday posted its first profitable year amid efforts to defend market share against Alibaba-owned Lazada and TikTok. Net income in 2023 was 162.7 million USD, as compared to a net loss of 1.7 billion USD in 2022. There was a net loss of 111.6 million USD in the fourth quarter of 2023, as compared to net income of 422.8 million USD in the same period a year ago.

SE daily chart

Sea finally began to retrace after a continuous weeks of rally since early June. It is currently resisted by its short term downtrend line as drawn in ORANGE colour. Sea started to have signs of rebound when it reached the blue support line which is EMA50. Now it was resisted again by the ORANGE downtrend line. The next near term neckline support will be at 63.32 USD. I believe Sea $Sea Ltd(SE)$   will probably retrace to this support level before we can see some strong rebound in the chart. 

Do you like meme stocks? Which meme stocks have you invested in before? Do you make huge profits or losses? Kindly share your experience with the readers here ya.

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