Meme stocks of WallStreetBets are having a generally good day, with the AMC share price looking to build on its 4-day rally. However, the bulls are having trouble pushing past the immediate resistance at 43.08, where the price action is trading flat on the day.
The AMC share price had gained solidly as the company announced it would start playing open caption movies at chosen venues across the US.
However, the stock’s advance appears to have stalled as investors digest the US Securities and Exchange Commission (SEC) report on the meme stock revolution that pitted retail investors against institutional traders. The SEC did not find wrongdoing but mentioned that additional consideration was being given to the market structure and regulatory framework.
AMC featured prominently in the meme stock revolution, and is presently trading unchanged as of writing.
The price advance has met resistance at the 43.08 resistance level. A breakout above this level sends the pair towards the 47.88 barrier, with 51.25 (23.6% Fibonacci level) and 60.12 (7 June high and psychological resistance) serving as additional barriers to the upside.
On the other hand, rejection of price action at 43.08 could allow for a pullback towards 36.62. If the bulls fail to defend this support, 29.80 becomes an additional downside target. 24.19 and 20.08 also come into the picture on a continued decline.
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This post was last modified on %s = human-readable time difference 15:51