AMC Entertainment Stock Surges Higher Following ‘Black Panther’ Sequel Release: What’s Happening? – AMC Entertainment (NYSE:AMC)

AMC Entertainment Holdings, Inc AMC It rose more than 11% to open the trading session on Monday after the company announced that it set a domestic record for the November opening of “Black Panther: Wakanda Forever.”

The company enjoyed its fourth highest attendance weekend of 2022, with more than 4.9 million moviegoers visiting AMC theaters Thursday through Sunday. The company also said it saw strong sales of food and beverages.

CEO of AMC Adam Aaron Thanks to the retailers CNBC “Squawk Box” Monday for the theater chain’s survival through the COVID-19 pandemic. Speaking of the group, known as Bandar, Aaron said “if they weren’t there, we wouldn’t be here today.”

The multinational “big screen” company was headed for bankruptcy at the start of the pandemic, before retailers rallied and raised its share price, allowing AMC to raise $2.2 billion in equity in 2021. To keep the company.

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AMC has implemented several measures to boost its business since the end of the pandemic, including announcing a special dividend in the form of an APE, or AMC Preferred Equity Units APE.

On November 7, AMC announced a partnership with Zoom Video Communications Inc ZM Convert some AMC locations in the US to Zoom rooms.

Stocks struggled to hold on to intraday morning gains as a total of 40% of the rally since Thursday suggests a possible consolidation is needed. This consolidation may come in the form of sideways trading or slightly lower prices, before AMC gains the strength to potentially turn higher again.

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AMC Chart: Although AMC denied its downtrend on Nov. 10 by printing the Nov. 8 low high of 5.62, the stock has yet to make a high to confirm that an uptrend is in play. . Ultimately, AMC will need to pull back to print higher than the $5.05 52-week low established on November 9.

  • A reversal is likely to come in the next few trading days as on Monday, AMC appeared to be printing a potential doji candle. When a doji candle is formed on a higher move, it shows that a temporary top is in.
  • Low prices are also relevant as AMC’s Relative Strength Index (RSI) is measured at around 62%. When a stock’s RSI approaches or reaches the 70% mark, it is overbought, which can be a sell signal for technical traders.
  • Various traders want the stock to be sideways or slightly lower, possibly settling into an inside bar or bull flag pattern, which could indicate another rally on the horizon. Bearish traders want large bearish volume to come in and the stock to drop below the 50-day simple moving average, which can then act as a strong resistance.
  • AMC has resistance above at $8.51 and $9.90 and support below at $7.46 and $6.33.

See also: Wakanda Forever! Black Panther Sequel Sets November Box Office Record, Could That Help Disney Shares Boost Next Week?

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