- A retail trader has come forward saying that he has bought AMC thinking it would be next Tesla.
- Technical indicators of AMC are favoring downside trend.It is currently trading near $5.51 with a gain of 4%
AMC Entertainment Holdings, Inc. (AMC) is one of the largest movie theater chains in the world. Founded in 1920, the company has undergone several changes over the years, but in recent years, it has been at the forefront of the changing landscape of the movie theater industry.One of the major changes that AMC has brought to the industry is its focus on creating an immersive and interactive movie-going experience. The company has invested heavily in creating luxury theaters, complete with reclining seats, reserved seating, and IMAX and Dolby Cinema screens. Additionally, AMC has begun to offer premium services such as AMC Stubs A-List, a subscription-based service that allows customers to see up to three movies per week.Another major change that AMC has brought to the industry is its emphasis on expanding into new markets. The company has been actively expanding internationally and now operates in 15 countries, including China, the United Kingdom, and the United Arab Emirates. This has allowed AMC to tap into new revenue streams and provide customers with a wider variety of movies to choose from.
A Retail trader has come forward saying that he bought AMC thinking that it was next Tesla.Various analysts are expecting a strong growth in the future.
Bulls Are Not Ready For AMC
The weekly technical chart of the AMC suggests a weak upside trend in price. On the daily chart it is trading near the value of $5.51 with a gain of 4.36%.Resistance of the AMC can be seen near $8.Meanwhile the support of the AMC can be seen near $4.It is currently trading below the 50 and 100 Daily Moving Average. There can be a negative crossover which can push the asset price down. On the 4 hour chart it is looking for an upside momentum for a while.
Conclusion
A retailer has come forward saying that he bought AMC thinking it was tesla. AMC stock price is currently in a consolidated trend and can soon see a new high.
Technical Levels
Major Resistance:$8
Major Support:$4
Source: https://www.thecoinrepublic.com/2023/01/28/amc-entertainment-stock-price-is-amc-price-in-the-bearish-mode-for-2023/