- Amazon is planning to invest big on the AMC.This has sent the AMC stock price soaring to a new high.
- Technical indicators of AMC suggest an upside trend in price. Meanwhile, it has seen a gain of 4.37% in the past 24 hours.
AMC had become a popular meme stock in the recent years which has pushed its volatility. It has seen a fall from $44 this year to near $8 which is a considerable loss in the market. It has reported a loss of $0.22 per share in the recent quarter. Various retail investors has turned AMC into the meme stock same as Gamestop due to nostalgia. Amazon is looking to invest approximately $1 Billion in the big screen space which has pushed the price to a new high.
The market cap of the company is near $3.92 Billion with a slight increase. It is currently very far away from its 52 week high. Various analysts believe a strong trend in the asset price in near future.
Technical Indicators Suggests Are Favoring The Bulls]
The weekly technical chart of the AMC suggests a consolidated trend in price. On coming to the daily chart the asset price has seen a gain of 4.37% and is currently trading near $7..64. The upside momentum of the AMC can see a halt near $10. Meanwhile, a support of the asset price can be seen near $5. It is currently trading above the 50 and below the 100 DMA. If the AMC stock price crosses above 100 DMA then a new high can be seen in the future.
AMC will be seeing a huge investment from the AMAZON as per the ABC news. The asset price is currently in a weak upside trend but can move to a new high in the future.
Major Resistance: $10
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. Investing in or trading crypto assets comes with a risk of financial loss.
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