- AMC shares decide to join the meme stock rally but lag.
- AMC sees some insider selling reported on November 3.
- Can AMC hold above $40 and push higher?
AMC stock joined in the meme stock rally on Wednesday as it closed up over 5% and above the psychological $40 round number resistance level also. AMC is due to release earnings next week, so retail traders could be gearing up for some serious volatility. The gain on Wednesday marked five consecutive days of gains for AMC shares, which have seen a bounce from $34 to above $40, a nice return of 20% on the last five days. After the Fed played a cool hand last night, risk appetite is likely to come back looking for more stocks to snap up. Meme stocks are usually a beneficiary of improved risk sentiment. Already many are up in Thursday's premarket, so we expect further gains for AMC.
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AMC chart, 15 minutes
AMC stock news
AMC came out and said on Monday that theatre admissions in the US and Internationally had been the highest since before the pandemic struck.This definitely put the stock back on the map for retail traders and the imminent earnings release will be a source of excitement to see if this flows through to the bottom line. A note of caution should be exercised though as the valuation remains extremely high. We also take note this morning of some insider sales filed with the SEC as of November 3.
AMC stock forecast
The move in AMC shares on Wednesday now displays a large wick, but as we have pointed out in our GME article this could be to do with position closing ahead of the Fed inerest rate decision on Wednesday evening. So we will overlook this worrying sign for now.
The bounce from support at $34.60 is clear though, and the resistance target of $44.44 was nearly met yesterday. Breaking that brings $52.79 into play, the high from September 13. Failure to break $44.44 this week is a negative sign as momentum will have stalled in our view.
AMC daily chart
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