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- AMC entertainment visa card is set to launch in 2023 in partnership with Visa and Deserve.
- Technical indicators of AMC suggests a downside trend in price. It is currently trading near the value of $5.15
AMC entertainment has recently said that “Avatar: The Way of Water” has enjoyed a strong opening with the recent release. The food and beverage revenue has also seen a spike which is higher than the pre pandemic opening of Jumanji. Meanwhile as per reported by the Hollywood reporter the company is set to launch its visa card in 2023 with the partnership of Visa and Deserve.The card holders will be able to earn additional benefits while purchasing at the theater and as well as outside the theater chain. The latest move by the company has created a positive buzz around the stock price. Many analysts are expecting a rise in stock price in near future.
AMC has a market cap of 2.634 Billion and has an EPS of -2.05 as per the Yahoo finance. The stock price is still far away from testing its 52 week high.
Technical Indicators Of AMC Stock Are Not Favoring Bulls
AMC stock price is currently in a strong downtrend and has dropped more than 30% within a few days. The weekly technical chart of the AMC suggests a downside trend in price. On coming to the daily chart the asset price is trading near the value of $5.05 with a drop of more than 4.8% in the intraday session. Resistance of AMC stock price can be seen near $8. Meanwhile the support of the asset can be seen near $4. The asset price is currently trading below the 50 and 100 Daily Moving Average.There can be a negative crossover which can push the asset price to a new low in the future.
Conclusion
Avatar The Way Of Water has seen a strong opening weekend which has given some relief to the AMC investors. AMC stock price is currently in a downside trend and can see a new high in the future.
Technical Levels
Major Support:$4
Major Resistance:$8
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.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
