- 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.
Conclusion
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.
Technical Levels
Major Support:$5
Major Resistance: $10
