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ThecoinrepublicMarketAMC Stock Price Rose 30% in Just...
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AMC Stock Price Rose 30% in Just Two Days, 100 DMA is an Immediate Hurdle 

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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 contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Ahtesham Anis
Ahtesham Anis
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.
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