Showtime for AMC?
AMC Entertainment had a dramatic short squeeze in May and June. Now it may be ready to move again following months of consolidation.
The price level around $35 is the first noteworthy pattern on the chart of the movie-theater operator. That was a peak in 2015 and 2016. Holding it now suggests old resistance has become new support.
Second, notice how that level matches the high-volume bullish outside day on September 30. That also lends credibility to the price area and may reflect underlying demand.
Next, the current pullback represents roughly a 61.8 percent retracement of the big surge in May and June.
Finally, earnings are due next Monday November 8. Management already announced that October’s box-office haul was the highest since before the pandemic in February 2020. That statement could keep the bears at bay.
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The price level around $35 is the first noteworthy pattern on the chart of the movie-theater operator. That was a peak in 2015 and 2016. Holding it now suggests old resistance has become new support.
Second, notice how that level matches the high-volume bullish outside day on September 30. That also lends credibility to the price area and may reflect underlying demand.
Next, the current pullback represents roughly a 61.8 percent retracement of the big surge in May and June.
Finally, earnings are due next Monday November 8. Management already announced that October’s box-office haul was the highest since before the pandemic in February 2020. That statement could keep the bears at bay.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
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