- AMC stock pops on Monday, breaking above $40.
- The Bond movie is a blockbuster, and AMC shares are set to benefit.
- AMC shares now target the $48 resistance level.
AMC is back on the minds of the retail set as it put in a solid and steady day on Monday. AMC stock closed up nearly 6% at $43.03. This one had been building for a while, with volatility dropping as the stock lost the $40 level but consolidated around the $36 zone. AMC has now put in four consecutive up days as the retail traders who mostly follow it get more excited over the attendance figures for the new James Bond movie and Halloween week.
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AMC 15-minute chart
AMC key statistics
| Market Cap | $20.9 billion |
| Price/Earnings | |
| Price/Sales | 4 |
| Price/Book | |
| Enterprise Value | $36 billion |
| Gross Margin | -0.74 |
| Net Margin |
-3.15 |
| 52 week high | $72.62 |
| 52 week low | $1.91 |
| Short Interest | 17.7% Refinitiv |
| Average Wall Street Rating and Price Target | Sell $5.44 |
AMC stock news
The latest news from the Disney studio is not good for movie-going as Disney announces it has delayed the release of a number of what would likely be decent blockbusters. The new Indiana Jones movie is delayed as are the sequels to Black Panther, Thor and Doctor Strange.
Why is AMC stock up?
Sentiment on the stock has been increasing lately, and on Monday Jim Cramer of CNBC said that AMC CEO Adam Aron had texted him with "really encouraging" box office numbers showing the company is "finally on the rebound back to where they were in February 2020," according to a report in Benzinga. "I know this is a meme stock, but the fact is that I continue to believe in Adam Aron," Cramer said, adding, "I think Adam Aron is pulling off a miracle." We should point out that in February 2020, AMC stock was trading at around $7, so not sure how that works then.
AMC stock forecast
Four solid days of gains and rising interest on social media are drawing in more momentum retail traders. This could see AMC price push up to test resistance at $48 or even $52. Up there FXStreet views the stock as bearish. Each spike fails at a lower level than the last. Technically, though the trend is bullish with the Moving Average Convergence Divergence (MACD) crossed in a bullish signal, AMC is above the 9 and 21-day moving averages. The Relative Strength Index (RSI) is trending higher in confirmation of the recent price moves. We would not be surprised to see this trend continue for a couple of more days but would be closing longs or going bearish using put options if the stock gets above $50.
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