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- AMC’s share price gained nearly 30% in the last two days of the week.
- Buyers survived the 20-day moving average but failed to push the price above the 50 DMA.
- This week, AMC investors gained 27.43% when they invested near the $5.0 support.
Recently, AMC Entertainment Holding Inc publicly disclosed its Q3 results. After the results, investors started taking interest in the share price of AMC, as it remains at a cheap valuation. AMC posted Q3 non-GAAP EPS — $0.20 after hours on Tuesday which beat estimates by $0.04. Revenue climbed 26.9% Y/Y to $968.4M and beat expectations by $7.43M.
Global markets have outperformed in the last two days ahead of the weekly close. Due to the positive sentiment in the market, many stocks have recovered more than 20 percent within two days. On Friday, November 11, the Dow Jones was up 0.10%, the S&P 500 closed in the green with a 0.92% gain and the Nasdaq was up 1.88%, so investors hoarded shares.
Buyers well managed the bearish trend of AMC stock price as they found support at $5.0 level. This support level provided a price pump resulting in value surged nearly 30% in the last two days of this week. Meanwhile, AMC stock price closed at $7.20 mark along with 17.46% gain at weekend.
Due to this price rise, Buyers escaped the 20 day moving average but failed to push price higher out of 50 DMA. Bulls have to register weekly price openings above 50 DMA to maintain higher price sustainability. Notably, trading volume increased amid recovery and on Friday it reported at $43.8 Million (more than average volume).
On the daily price chart, the RSI indicator turned higher and crossed above the semi-line (50 points) after dipping into the oversold zone. Nevertheless, ADX is still showing little strength in the ongoing price recovery.
Conclusion
AMC stock price is in recovery mode after reversing from its 52-week low. This price level acts as a support level. Bulls need to register a weekly price open above the 50 DMA to maintain higher price stability.
Support level – $6.0 and $5.0
Resistance level – $10 and $16
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.
