The AMC share price only gained 0.16% on Monday before resuming the slide on Tuesday. The stock continues to struggle despite seeing improving numbers at its theatres across the globe.
The AMC share price was severely affected by the pandemic. Despite the doors now being thrown open due to vaccines, the industry as a whole appears uncertain as to how to respond to the new vaccine mandates that require moviegoers in certain countries to have vaccination cards as a prerequisite for entry into theatres and other areas of mass gatherings.
Last week’s earnings report did not make for pleasant reading for the company’s investors. The company reported earnings of -$5.7 per share, 22.32% worse than the forecast of -$4.66 per share. The AMC share price is still reeling from the disappointing earnings, and perhaps investors want to see how the theatre numbers perform before new demand enters the stock.
The 36.62 support line continues to hold despite bearish pressure. If the price bounces from this level, then 43.08 becomes the immediate price target for the bulls. Above this level, the price may see resistance at 47.88 before the 23.6% Fibonacci price mark at 51.25 becomes available.
On the other hand, a breakdown of 36.62 opens the door for the bears to lead a march towards 29.80. Additional downside targets are found at 24.19 (May 28 low) and 20.08 (January 27 and May 26 highs).
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