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- AMC has been one of the most profitable stocks for secured lenders in US. In october AMC has an average borrow rate of 18%
- AMC is currently near $7.27 with a drop of 4% in the past 24 hours. Technical indicators are not favoring the bulls
AMC has a market cap of 3.73 Billion with a negative EPS. Meanwhile they have beaten the expectations of the third quarter. They have reported a slim net loss and have crossed the expectations on revenue. In November they have raised $36.4 Million by selling the AMC preferred equity units. The company has announced its biggest opening weekend in box office sales in the history. Black panther Wakanda forever has welcomed a huge amount of audience in the theaters. The company has posted a loss of 22 cent per share which is less compared to previous quarter. It is still 7 times far away from its all time high.
Bulls Are Not Showing Any Interest In AMC Stock Price
The weekly technical chart has not showing any positive impact on the price. On the daily chart the asset price is currently trading near the $7.27 with a drop of 4.22%. The asset price is currently trading above 50 and below 100 DMA. It is using 50 DMA as a support but if it breaks it a downtrend to a new low can be seen in the future. Resistance for the asset price is near the value of $10. Meanwhile, support for the coin can be seen near $5.
RSI of the asset price is near 54 with a negative slope. It suggests a downside trend in price for the future.
Conclusion
AMC asset price is currently trading in a downside trend. It has shown a great earnings but the stock price has failed to maintain high. AMC stock price may see a new momentum in upcoming months.
Technical Levels
Major Support:$5
Major Resistance:$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 the financial, investment, or other advice.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
