AMC Entertainment Holdings Stock Price and Forecast: AMC drops 8% but holds key support at $40
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UPGRADE- AMC stock drops 8% on Thursday in a volatile session.
- AMC had flipped from red to green in the early part of the session.
- AMC still holds onto the key support at $40.
AMC stock dropped a hefty 8% on Thursday as the recent rally ran out of steam. The stock just about held the key level at $40 and so ensured the recent bullish trend is just about intact. AMC shares looked like they were in for a tough day, opening down nearly 3% from the bell, but quickly turned green as the apes returned to fight the bears. It was not to be, with AMC steadily declining for the majority of the session and closing near the lows of the day.
AMC had broken out of its range last week with a powerful 20% surge and finally looked to be aiming higher. We identified $40 as the breakout level here at FXStreet and the move was sharp. Breakouts can retest their original breakout level but must not break back below. That ends the bullish trend. In the case of AMC, $40 is the breakout level it cannot go lower than. The stock got pretty close yesterday, bottoming out at $40.34.
AMC key statistics
| Market Cap | $20.7 billion |
| Price/Earnings | |
| Price/Sales | 3 |
| Price/Book | |
| Enterprise Value | $36 billion |
| Gross Margin | -0.74 |
| Net Margin |
-3.15 |
| 52 week high | $72.62 |
| 52 week low | $1.91 |
| Average Wall Street Rating and Price Target | Sell $5.44 |
AMC stock forecast
Thursday's move was pretty sharp, but the main bullish trend established from the breakout is still in place. AMC stock held the key $40 support yesterday and also held the 9-day Simple Moving Average (SMA). The main momentum oscillators are trending higher. The Relative Strength Index (RSI) is above 50, and the Moving Average Convergence Divergence (MACD) is crossed into a bullish formation and also trending higher. The key levels to hold are $40 with the 9-day SMA just below at $39, perhaps offering the last chance for the breakout bulls. If AMC breaks lower, then $30 is the bottom of the range since July and the obvious support. AMC apes would really like to see $48 broken though as above here volume gets thinner and makes their job easier. Breaking $48 should see a move to the next high volume zone at $58.
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- AMC stock drops 8% on Thursday in a volatile session.
- AMC had flipped from red to green in the early part of the session.
- AMC still holds onto the key support at $40.
AMC stock dropped a hefty 8% on Thursday as the recent rally ran out of steam. The stock just about held the key level at $40 and so ensured the recent bullish trend is just about intact. AMC shares looked like they were in for a tough day, opening down nearly 3% from the bell, but quickly turned green as the apes returned to fight the bears. It was not to be, with AMC steadily declining for the majority of the session and closing near the lows of the day.
AMC had broken out of its range last week with a powerful 20% surge and finally looked to be aiming higher. We identified $40 as the breakout level here at FXStreet and the move was sharp. Breakouts can retest their original breakout level but must not break back below. That ends the bullish trend. In the case of AMC, $40 is the breakout level it cannot go lower than. The stock got pretty close yesterday, bottoming out at $40.34.
AMC key statistics
| Market Cap | $20.7 billion |
| Price/Earnings | |
| Price/Sales | 3 |
| Price/Book | |
| Enterprise Value | $36 billion |
| Gross Margin | -0.74 |
| Net Margin |
-3.15 |
| 52 week high | $72.62 |
| 52 week low | $1.91 |
| Average Wall Street Rating and Price Target | Sell $5.44 |
AMC stock forecast
Thursday's move was pretty sharp, but the main bullish trend established from the breakout is still in place. AMC stock held the key $40 support yesterday and also held the 9-day Simple Moving Average (SMA). The main momentum oscillators are trending higher. The Relative Strength Index (RSI) is above 50, and the Moving Average Convergence Divergence (MACD) is crossed into a bullish formation and also trending higher. The key levels to hold are $40 with the 9-day SMA just below at $39, perhaps offering the last chance for the breakout bulls. If AMC breaks lower, then $30 is the bottom of the range since July and the obvious support. AMC apes would really like to see $48 broken though as above here volume gets thinner and makes their job easier. Breaking $48 should see a move to the next high volume zone at $58.
Like this article? Help us with some feedback by answering this survey:
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