Giant Bull Flag in AMC Entertainment
After big gains earlier in the year, AMC Entertainment may be ready to move again.
The movie chain’s main technical pattern is the large bullish flag that’s taken shape since early June. It's illustrated above by the falling trend line that AMC recently broke.
Second, AMC returned above the 50-day simple moving average (SMA) this week.
Third, consider the rounded basing pattern around $30 in July and August.
Finally, the short-term trend may have turned more positive now that the 8-day exponential moving average (EMA) is above the 21-day EMA.
AMC has also achieved some important things fundamentally, with results beating estimates on August 9 and management amassing more than $2 billion of liquidity.
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The movie chain’s main technical pattern is the large bullish flag that’s taken shape since early June. It's illustrated above by the falling trend line that AMC recently broke.
Second, AMC returned above the 50-day simple moving average (SMA) this week.
Third, consider the rounded basing pattern around $30 in July and August.
Finally, the short-term trend may have turned more positive now that the 8-day exponential moving average (EMA) is above the 21-day EMA.
AMC has also achieved some important things fundamentally, with results beating estimates on August 9 and management amassing more than $2 billion of liquidity.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
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