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- NYSE: AMC Q4 earning estimate remains negative $0.19 and revenue estimate at $1.01 Billion
- AMC stock price struggles to reclaim the 50 day EMA and formed a lower low swings
- Technical indicators of AMC stock are reversing upward but confirmation is awaited
AMC Entertainment Holdings Inc (NYSE: AMC) stock prices are trading with mild bearish cues and bears are trying to keep the prices below the 50 day EMA to show its dominance on the higher levels. However, AMC quarter 4 earnings are scheduled on 28 february which will increase the volatility in coming days and might affect the short term direction.
In the previous session NYSE: AMC stock price closed at $5.24 with the intraday loss of 0.19% and market cap stood at $2.69B
Will AMC stock trigger a short covering rally in Q4?
AMC Entertainment Holdings Inc (NYSE: AMC) stock prices are in a downtrend and slipping down by forming lower low swings which shows that the investors have lost the hope of a meaningful recovery until and unless any fundamental improvement is visible in the company.
In the beginning of January, AMC stock prices hit a fresh 52 week low at $3.77 and entered into narrow range consolidation but luckily some aggressive bulls came forward and pushed the prices higher which has derived some positive sentiment and prices shown a recovery of 64% approx in the short period of time. Later, AMC took a halt at $7.33 and formed a bearish rejection candle which further boosted the sell off and prices lost all their previous gains.
AMC stock price struggled to reclaim the 50 day EMA which will act as an immediate hurdle for the bulls and if bulls succeeded to push the price above the EMA then probability of short covering will increase in the favor of bulls. On the lower side, if prices trade below the EMA then prices might try to retest the 52 week low which will surely create more trouble for the bullish investors.
The technical indicators of the AMC stock like MACD had generated a negative crossover but the curve is tilting sideways indicating that the prices might consolidate for some time before deciding the further direction and the RSI at 48 denotes the balance between bullish and bearish position.
According to the data in Yahoo finance, AMC Q4 earning estimate remains negative at $0.19 and the revenue estimate remains at $1.01 Billion which clearly shows that fundamentals are not up to mark and the company is struggling to become profitable.
Summary
AMC Entertainment Holdings Inc (NYSE: AMC) stock prices are in bear grip and struggling to reclaim the 50 day EMA which shows that the trend is weak and no signs of trend reversal is visible. However, Q4 earnings are scheduled next week and if the company beats the street estimate then we might see a wild short covering rally for the short period of time.
Technical levels
Resistance levels : $7.33 and $9.00
Support levels : $3.78 and $3.00
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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
