Home
News
- AMC’s share price has hit a 52-week low of $5.47.
- The bears continue to sell the stock price on the 20-day exponential moving average on the daily price scale.
- AMC’s share price was down 7.66% at $6.25 level in Tuesday’s letter.
AMC Entertainment’s share price fell to its novel 52-week low on Tuesday. The market sentiment looks extremely bearish as asset prices continue to fluctuate near this level. This year, the world’s largest moving company NYSE:AMC is down more than 80% so far and more downsides are likely if the bears continue to sell.
Global markets such as the Dow Jones, Nasdaq and S&P 500 went down with minor losses in Tuesday’s letter. Due to this modest selling by institutional investors, major stock prices were operating under selling pressure and AMC stock price was one of them.
Unfortunately, AMC Entertainment hit its latest 52 weeks low at $5.47 on 13 October. Later on, buyers are barely defending this bottom level to keep themselves far from another price drop. On Tuesday. This sharp selling may drive more price drop ahead if bulls wont come into action soon.
Notably, AMC the $6.0 level may provide a price pump this week. For the past two weeks, the digital asset price was moving higher in the favor of bulls but yesterday’s price drop drained all gain.
Trading volume is increasing during selling, which may influence sellers ahead. Meanwhile, last night, trading volume was reported at $23.2 million. In terms of the daily price, Bears continue selling the stock price at 20 day exponential moving average. Resulting in, all significant moving averages are far above the current price of AMC Entertainment.
Over the daily price chart, the Stoch RSI indicator started moving lower from the upper levels. Besides, the MACD continues increasing higher towards the neutral zone.
Conclusion
The AMC stock price is looking bearish below the 20 day exponential moving average. Investors are waiting for Q3 results. Results will decide the next AMC stock price either upside or downside.
Technical Levels
Support level – $6.0 and $5.0
Resistance level – $8.0 and $10
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
