- AMC closes up 1% on Wednesday in tiny volume.
- AMC shares have struggled for momentum for most of the last quarter.
- AMC stock still gets a few pops but mostly followed by a drop.
AMC shares closed up at $27.95 on Wednesday in lackluster trade ahead of year-end. The market is steadily winding down for year-end and many meme stocks and retail favorites saw decent selling pressure on Wednesday. That makes AMC's near 1% gain a bit more impressive then but the overall negative trend persists and is unlikely to change as we approach the last two sessions of the year.
AMC stock news
The stock's reaction to the positive news from Spiderman ticket sales is telling. A brief rally but again nothing was sustained. Again more positive news last week failed to see any follow-through. AMC signed some lease deals for new theatres in Chicago and LA. Usually, meme traders would seize on these stories. AMC did top the wallstreetbets charts but nothing followed through to the share price.
AMC stock forecast
A very clear downward trend is in place with AMC shares since last summer. The spike over $70 has never been repeated. There have been some other notable spikes but nothing has come close to matching that high. Setting a lower low when AMC shares went through $29.82 was key. Now we have the classic series of lower highs and lower lows on the longer-term view. This is our background. Further bearish signals come from AMC breaking below the 200-day moving average and the yearly volume-weighted average price. RSI below 50 but did set a bearish divergence on the last leg lower in AMC stock.
Support at $20 and $14.54. Resistance at $32.87 and $34.60.
AMC chart, daily
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