- NYSE:AMC gained 5.70% during Thursday’s trading session.
- AMC is reversing its trend and could be ready to move higher.
- Meme stocks traded mixed again on Thursday, as short squeeze talk continues.
NYSE:AMC is finally rewarding the diamond hands of patient AMC apes. On Thursday, shares of AMC bounced higher once again, gaining 5.70% to close the trading session at $40.07. It was the first time since the end of September that the stock had finished higher than $40.00 at the closing bell. AMC continues to bounce off its recent support and the lead meme stock has now added 5.67% to its price this week alone. The move higher came on a day where markets rallied as the S&P 500 had its largest jump since March on promising early earnings reports from some bedrock companies.
AMC could finally be showing signs that it is finished with its long consolidation downward, a trend that has been in effect since the last squeeze in June. A nice bounce off its recent support levels has re-tested a previous resistance trendline, creating a pennant pattern that generally leads to a breakout in one direction or the other. With a strong lineup of upcoming Hollywood blockbusters, AMC stock could see a positive catalyst in a strong second half to the year.
AMC stock forecast
AMC had a big day on Thursday, but its gains paled in comparison to another meme stock that has started to see momentum. Vinco Ventures (NASDAQ:BBIG) skyrocketed by 22.76% today with a strong push into the close. Other meme stocks were mostly trading lower as GameStop (NYSE:GME), Camber Energy (NYSEAMERICAN:CEI), Koss (NASDAQ:KOSS), and ContextLogic (NASDAQ:WISH) all finished the day in the red.
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