AMC Downtrend: Will We See a Shift Soon?
AMC is on a downtrend and shares of AMC’s Preferred Equity (APE) also continue to tumble.
In this article I’m going to break down two short-term scenarios we may see for the movie theatre chain stock in the coming days.
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Let’s get started.
Will AMC Keep Falling?
AMC’s current downtrend shows us that there is still room for the movie theatre chain stock to fall.
However, the stock finished testing a support level turned resistance on Monday.
If AMC stock is able to break through the resistance level circled in the chart above of $5.40, then it’s likely we see the stock retest its next level at around $5.55 per share.
Breaking above that level and we see $5.70, then $6 again.
On the contrary, if AMC stock is unable to break through resistance at $5.40, then it’s very likely that we continue to see downtrend towards $5 per share or lower.
What’s it going to take for AMC to break through?
Heavy buying volume from retail.
And it’s possible AMC’s upcoming Q3 announcement for 2022 kickstarts this momentum.
The company is announcing Q3 earnings on Tuesday, November 8th.
Recent AMC Entertainment News
CEO Adam Aron announced on Monday AMC and Zoom are launching ZOOM ROOMS AT AMC, at theatres in 17 U.S. cities.
The project is meant to configure multi-city meetings at AMC locations.
“AMC enters the multi-billion-dollar meeting market”, says the CEO.
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Read: AMC FTDs Spiked to $9.9 Million in October
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Dumb question: when AMC falls to $1, do the hedgies have the power to cover in the dark pools spas not to create a squeeze?
Let’s start a discussion! Leave your thoughts below.