Weaker technical forecast for AMC Entertainment Holdings Inc as stock downgraded to Hold/Accumulate.StockInvest.us, 4 months ago
The AMC Entertainment Holdings Inc stock price gained 3.05% on the last trading day (Monday, 13th Sep 2021), rising from $50.16 to $51.69. , 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 4.85% from a day low at $50.35 to a day high of $52.79. The price has risen in 7 of the last 10 days and is up by 26.57% over the past 2 weeks. Volume fell on the last day by -15 million shares and in total, 75 million shares were bought and sold for approximately $3.86 billion. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
On September 01, 2021 "Macquarie" gave "" rating for AMC. The price target was set to $47.13+8.8%.
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 $38.07, a level that may pose a second chance to hit a runner. According to fan-theory $52.97 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 $47.71 and $39.22. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, August 04, 2021, and so far it has risen 73.22%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 months Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
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 $43.09.
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 $2.44 between high and low, or 4.85%. For the last week, the stock has had a daily average volatility of 6.66%.
AMC Entertainment Holdings Inc holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.Check full AMC Entertainment Holdings Inc forecast and analysis here.