On Tuesday AMC Entertainment Holdings Inc stock price gained impressive 8.77%StockInvest.us, 11 months ago
The AMC Entertainment Holdings Inc stock price gained 8.77% on the last trading day (Tuesday, 31st Aug 2021), rising from $43.33 to $47.13. , and has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the day the stock fluctuated 7.06% from a day low at $44.05 to a day high of $47.16. The price has risen in 6 of the last 10 days and is up by 26.83% 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, 17 million more shares were traded than the day before. In total, 125 million shares were bought and sold for approximately $5.88 billion.
On August 19, 2021 "Citigroup" gave "$3.70 - $5.00" rating for AMC. The price target was changed from $36.55 to 1.6%.
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 $40.82, a level that may pose a second chance to hit a runner. According to fan-theory $71.68 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
The AMC Entertainment Holdings Inc 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 $42.37 and $36.92. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 months Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Wednesday, June 02, 2021, and so far it has fallen -24.65%. Further fall is indicated until a new bottom pivot has been found.
On the downside, the stock finds support just below today's level from accumulated volume at $44.26 and $43.96.There is 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 Holdings Inc finds support just below today's level at $44.26. If this is broken, then the next support from accumulated volume will be at $43.96 and $42.81.
This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $3.11 between high and low, or 7.06%. For the last week, the stock has had a daily average volatility of 9.40%.
The AMC Entertainment Holdings Inc stock is extremely overbought on RSI14 (76). 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.Check full AMC Entertainment forecast and analysis here.