Big movements in AMC Entertainment stock price on Monday moving 27.92% between high and low

The AMC Entertainment stock price gained 32.95% on the last trading day (Monday, 24th Jul 2023), rising from $4.40 to $5.85. During the last trading day the stock fluctuated 27.92% from a day low at $4.87 to a day high of $6.23. The price has risen in 7 of the last 10 days and is up by 37.97% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 192 million more shares were traded than the day before. In total, 252 million shares were bought and sold for approximately $1.47 billion.

The stockhas broken the very wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is $4.76, a level that may pose a second chance to hit a runner. According to fan-theory $5.94 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.

Mostly positive signals in the chart today. The AMC Entertainment stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $4.57 and $4.50. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, June 23, 2023, and so far it has risen 45.89%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.

On the downside, the stock finds support just below today's level from accumulated volume at $5.50 and $4.70.There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, AMC Entertainment finds support just below today's level at $5.50. If this is broken, then the next support from accumulated volume will be at $4.70 and $4.40.

This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $1.36 between high and low, or 27.92%. For the last week, the stock has had daily average volatility of 8.96%.

The AMC Entertainment stock is extremely overbought on RSI14 (79). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.

Several short-term signals are positive and the break-up from the falling trend indicates a possible shift for a trend. We believe that the prices around the breaking point will indicate particularly good levels, but we also believe that the current level will hold a possible good buy level for the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.