AMC’s stock price has not been doing great for the past few months. However, the past few days have offered a glimmer of hope that the bearish trend of the stock may be reversing. In early February, the company released its financial reports which showed a significant improvement compared to the third quarter of 2021. the company posted revenue of $1.17 billion. This was a 620 percent year-to-year improvement. The company also recorded a net loss of $1.27 billion, which was also a huge improvement compared to the third quarter of the same year when it posted $4.59 billion in losses.
The company’s recent gain in the stock market comes amidst expansion moves that will include collaboration between the company and the food delivery service, Uber. The company is also expected to launch company-branded credit cards later this year. It will also increase its customer reach when it starts accepting payments in Dogecoin and Shiba Inu. These latest moves are likely to see the AMC stock market rise in the coming months.
For the past few months, AMC’s stock price has not been doing great. Starting on November 17, 2021, AMC stock prices have dropped by more than 60 percent. Today, the stock is trading at $15 and also marks the fourth trading session that the AMC stock prices have gained. Looking at the AMC daily chart below, it is clear that the prices are currently trading sideways, with very little momentum in the markets.
The AMC stock prices are also trading within support and resistance levels of $13 and $20. The prices are also bouncing from the $13 support level. This shows that there is a likelihood that the prices will hit the $20 resistance level, and likely to continue the sideways trading with a drop. However, if the price retraces back to the support level of $13, then my trade analysis will be invalidated. It will also likely result in a long-term bearish move.
This post was last modified on Mar 22, 2022, 06:06 GMT 06:06