• AMC stock dropped 2.5% on Thursday.
  • AMC Entertainment shares had their best two-day gain on Tuesday and Wednesday.
  • AMC shares are down 24% for the year but up 32% over the past five sessions.

Update: AMC stock demonstrated a slick reversal on Friday morning. Shares of the cinema chain and now gold mine investor opened 2% lower to begin the session but then rebounded more than 5% to $21.30. In yet another sign that AMC has decoupled from the broader universe on growth stocks, this rally has taken place as the Nasdaq Composite is down 0.2%. This index is known for more clearly tracking growth stocks. This move above $21 is quite good for shareholdes and bullish traders as $20.96 was the top of the supply zone where investors had taken profit in the past. Now bulls can take aim at Wednesday's high of $20.35. AMC stock has been invigorated since March 15, and now it seems clear that the rally does not seem to be a one-time thing since it has created a new range high. Above here there should be more resistance in the low $23 range from early January.

AMC stock is off 0.5% in Friday's premarket after shedding some ground on Thursday, as meme stocks were vulnerable despite Wall Street advances. The stock finished the day at $20.23, down 2.5%. The Nasdaq gained 1.9% on the day, so this was another session where the meme stock was disconnected from the overall risk-on trade. GameStop (GME) for its part was able to eke out a 1% gain. AMC's mentor in the meme category has been doing well all week after CEO Ryan Cohen boosted his stake in the video game retailer.

Catch up on Nvidia (NVDA) news here

AMC Stock News: High number of calls expiring

AMC stock is up 32% in the past five sessions despite still being down 24% year to date. Tuesday and Wednesday witnessed an unexpected 35% joint gain, but Thursday took the day off. The rest of the US market was optimistic. In Brussels President Joe Biden announced further sanctions in conjuction with EU-member nations against more than 300 Russian politicians in a bid to put more pressure on Russia to end its war in Ukraine. There were further indications that Ukraine appears to be slowly turning the war in its favor, including the successful attack on a Russian landing ship off the coast of Ukraine in the Black Sea and new data that suggest Russia has experienced extremely high casualties. 

OIl retreated 2.8% on Thursday, and US index futures all higher on Friday. The S&P 500, Dow and Nasdaq are all around 0.3% higher, so it would seem that marketwide sentiment is remaining positive for a second straight day.

A high number of options are expiring on Friday. 15,679 call contracts at a strike of $20, 13,311 at $22, and 14,798 contracts at $25. On Thursday, volume was more than four times higher than open interest for the $20 strike.


AMC Stock Forecast: Can $20 remain as support?

$20.96 appears to be the main resistance level. It is the top of a supply ridge that reaches down to $19.34. Dropping below $19.34 could send AMC stock all the way back to $13.03 or even the dreaded $8.95 that FXStreet has been yelping about for weeks. Even before $19.34, however, the $20 level may be enough. If it is broken too suddently, bulls may give up confidence as it is an easily identifiable psychological level. Wednesday's high of $22.35 is still the market to beat to see if bulls have the strength to keep this rally alive. Above there, resistance sits in the low $23s.

Of note, the 9-day moving average seems to be on track to converge with the 20-day and 50-day averages somewhere around $17. This may also lead to a support level near there.

AMC stock daily chart

AMC stock chart, daily



PRIOR UPDATE: AMC stock opened 2% lower on Friday at $19.79. This is below the all-important $20 psychological level but above the $19.34 base of the supply zone that stretches up to $20.96. At the same time, US indices are only slightly up. The Nasdaq Composite is flat for the most part, and the S&P 500 and Dow both opened up 0.2%. This would appear to suggest that the market is beginning the session in a disinterested manner that may lead to a sell-off in the next few hours and that growth is once again taking a backseat to value. Oil is beginning the session down 2.4% one day after losing 2.9%. Morgan Stanley's forecast that crude would drop to $101 in the second half of the year has put a damper on the commodity trade. All in all, there is little of curiousity happening so far this Friday.

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content

Recommended content

Editors’ Picks

EUR/USD stabilizes above 1.0900 ahead of Powell speech

EUR/USD stabilizes above 1.0900 ahead of Powell speech

EUR/USD fluctuates slightly above 1.0900 after erasing the bearish opening gap. The positive opening in Wall Street makes it difficult for the US Dollar to gather strength and helps the pair hold its ground ahead of Fed Chairman Powell's speech at the Economic Club of Washington.


GBP/USD struggles to clear 1.3000, eyes on Fed Chairman Powell

GBP/USD struggles to clear 1.3000, eyes on Fed Chairman Powell

GBP/USD finds it difficult to build on the previous week's gains and trades below 1.3000 on Monday. Investors refrain from taking large positions ahead of Fed Chairman Powell's speech and allow the pair to stay in its daily range.


Gold climbs above $2,420 following earlier decline

Gold climbs above $2,420 following earlier decline

Gold regains its traction and trades in positive territory slightly above $2,420 after dropping toward $2,400 at the beginning of the week. Investors await Fed Chairman Powell's appearance at the Economic Club of Washington.

Gold News

Crypto Today: Bitcoin, Ethereum and XRP what to expect as SEC executive says Howey test applies to cryptos

Crypto Today: Bitcoin, Ethereum and XRP what to expect as SEC executive says Howey test applies to cryptos

Bitcoin trades above $62,500 on Monday, sustains above key support as head of US SEC enforcement division says Howey test applies to cryptos. Ethereum and XRP trade above key support, extending gains by nearly 3% on the day. 

Read more

Five fundamentals for the week: Markets set to move on Trump fallout, ECB, US Retail Sales, more Premium

Five fundamentals for the week: Markets set to move on Trump fallout, ECB, US Retail Sales, more

"Donald Trump was shot" – the shocking reports from Pennsylvania reverberated across markets and will likely continue doing so. Investors will also watch for further signs of slowdown and European defiance. Here are the three key events to watch.

Read more