AMC Entertainment Holdings (AMC) forecast: Where to next for AMC stockholders?
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UNLOCK OFFER- AMC remains stuck rangebound on Friday, closing at 40.00.
- AMC stock is poised for a technical breakout, but which way?
- AMC CEO finally sells some stock after 6 years, is it time for you to sell?
AMC shares closed bang on $40 on Friday in a neat bit of symmetry. The stock has been consolidating of late with a reducing range. This can often lead to a breakout but which direction is the obvious question.
AMC chart, 15 minute
The chart above shows the small range over the last few days as AMC recovers some losses from earlier in the week.
AMC stock news
A decent bit of news flow with this one with some more insider transactions to look over as well as the recent earnings. The earnings report was solid with a beat on the top and bottom lines. Earnings per share (EPS) came in at -$0.44 versus -$0.53 estimated. Revenue was $755.6 million versus $708.25 million estimated. However, AMC shares dropped after the earnings release. Most likely this was to do with the anticipated outperformance as AMC shares had traded higher before earnings. AMC stock dropped 11% after earnings and fell another 4% the next session. No surprise then that we have seen a bit of a bounce to close out the week.
News then reached of AMC CEO Adam Aron selling stock for the first time in six years and this has been followed up with more insider sales being reported. Friday sees reports of CFO Sean Goodman selling 166,250 shares and that was on top of sales last week from other senior executives. The market generally takes a negative view of insider sales and they are very closely watched by investors. However insider sales are accelerating lately due to the Biden administration targetting the super wealthy for tax
AMC stock forecast
Now to th epotnetial breakout. The ever decreasing range has seen the triangle formation come close to its conclusion. A breakout to either side is inevitable. We already got one false move higher so is the next real move going to be lower. so far nothing is giving us a clear enough signal. The stochastic gave a crossover buy singal late last week but nothing else confirmed this. The RSI has been trending higher but it is in line with price so no divergence to identify. $42.50 and $38.25 are about the top and bottom of the triangle so the key elvels for breakouts. Breaking to the upside will then target $52.79, to the downside the target will be $29.82.
The weekly chart does show the possibility of the break being higher with a bullish pennant formation.
- AMC remains stuck rangebound on Friday, closing at 40.00.
- AMC stock is poised for a technical breakout, but which way?
- AMC CEO finally sells some stock after 6 years, is it time for you to sell?
AMC shares closed bang on $40 on Friday in a neat bit of symmetry. The stock has been consolidating of late with a reducing range. This can often lead to a breakout but which direction is the obvious question.
AMC chart, 15 minute
The chart above shows the small range over the last few days as AMC recovers some losses from earlier in the week.
AMC stock news
A decent bit of news flow with this one with some more insider transactions to look over as well as the recent earnings. The earnings report was solid with a beat on the top and bottom lines. Earnings per share (EPS) came in at -$0.44 versus -$0.53 estimated. Revenue was $755.6 million versus $708.25 million estimated. However, AMC shares dropped after the earnings release. Most likely this was to do with the anticipated outperformance as AMC shares had traded higher before earnings. AMC stock dropped 11% after earnings and fell another 4% the next session. No surprise then that we have seen a bit of a bounce to close out the week.
News then reached of AMC CEO Adam Aron selling stock for the first time in six years and this has been followed up with more insider sales being reported. Friday sees reports of CFO Sean Goodman selling 166,250 shares and that was on top of sales last week from other senior executives. The market generally takes a negative view of insider sales and they are very closely watched by investors. However insider sales are accelerating lately due to the Biden administration targetting the super wealthy for tax
AMC stock forecast
Now to th epotnetial breakout. The ever decreasing range has seen the triangle formation come close to its conclusion. A breakout to either side is inevitable. We already got one false move higher so is the next real move going to be lower. so far nothing is giving us a clear enough signal. The stochastic gave a crossover buy singal late last week but nothing else confirmed this. The RSI has been trending higher but it is in line with price so no divergence to identify. $42.50 and $38.25 are about the top and bottom of the triangle so the key elvels for breakouts. Breaking to the upside will then target $52.79, to the downside the target will be $29.82.
The weekly chart does show the possibility of the break being higher with a bullish pennant formation.
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