AMC Stock Price: AMC Entertainment bounces higher and breaks through the $40.00 price barrier
- 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.
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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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Stocks Reporter
FXStreet
