AMC stock price is preparing to reverse the trend and adapt to a strong upside trend to initiate its recovery and reach $20 by end of 2023. AMC shares need to maintain the upward momentum in order to recover maximum over the charts. Analysts also confirmed the maximum recovery of AMC shares during 2023.
AMC stock price has been fluctuating inside the horizontal price range of $8.57 and $3.78 over the daily time frame chart. AMC shares slipped from the $16.94 level in August 2022 and dropped till $5.07 in November 2022. However, AMC share price managed to gather support to revert back towards the primary resistance level of $8.57 while couldn’t sustain there and again fell till the lowest level of $3.78.
In January 2023, AMC stock price managed to gather support and surged again battling with the sellers to reach the primary resistance level of $8.57. Nevertheless, AMC shares again fell from the resistance level on 28th February till the current level.
Meanwhile, analysts predict AMC shares might bounce back this time with strong upward momentum to surge towards the primary resistance level and register its breakout. AMC stock needs to accumulate more buyers during the week’s trading session in order to initiate its recovery rally and reach $20 after breaking out of the primary resistance level by mid 2023.
AMC stock price (NYSE: AMC) was at $4.27 and has gained 2.15% of its market capitalization during Monday’s trading session. However, trading volume is still below average and needs to grow during Tuesday’s trading session to initiate AMC share’s recovery phase.
AMC stock price (NYSE: AMC) has been trying to break out from the primary resistance level of $8.57 but got distributed each time and slumped. However, this time AMC shares might register its breakout from the distribution phase, suggested analysts.
AMC stocks need to accumulate buyers by the opening of Tuesday’s trading session to initiate its recovery phase.
In addition, AMC share price gained 3.14% year to date suggesting the recovery phase of AMC shares during 2023.
Why Are Technical Indicators Divergent Over AMC Stock Price Action?
AMC stock price hints towards a trend reversal to initiate its recovery towards the $20 price level during 2023. Technical indicators are pretty divergent over the price action of AMC shares.
Relative strength index showcases the upside trend of AMC share price. RSI was at 36 and moving towards neutrality. MACD on the other hand exhibits the downward velocity of AMC share price. The MACD line is below the signal line and waiting for any crossover.
Investors in AMC Entertainment Holdings Inc (NYSE: AMC) need to wait until the price of AMC stock surge towards the distribution phase of $8.57.
Summary
AMC stock price is preparing to reverse the trend and adapt to a strong upside trend to initiate its recovery and reach $20 by end of 2023. In January 2023, AMC share price managed to gather support and surged again battling with the sellers to reach the primary resistance level of $8.57.
AMC stocks need to accumulate buyers by the opening of Tuesday’s trading session to initiate its recovery phase. Technical indicators are pretty divergent over the price action of AMC shares.
Technical Levels
Support Levels: $4.10 and $3.90
Resistance Levels: $4.70 and $5.60
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/03/21/amc-entertainment-holdings-inc-amc-stock-price-ready-for-20/