AMC Share to its Lowest Level Since 2021

AMC's share price is on a zigzag path dominated by a sharp bearish tone in general. As the AMC share price reversed from the narrow ascending channel that extended from mid-October to the end of October, and now it continues to record its lowest levels during the current year. Meanwhile, AMC stock is trading below the short and long-term moving averages in a severe bearish sign.

Now, on the daily chart, the RSI indicates that the AMC stock has now reversed a bit from the oversold area but it is still within the negative territory and we may witness more decline before rebounding from this area. Accordingly, if the AMC share price declines below the level of $5.17, we may witness a return to the price of the AMC share to levels we did not witness from the year 2021 at the level of $4.61.
On the other hand, if the AMC share price managed to recover the $5.85 level, then we would target a return to the $7.25-8 level.

While fundamentally, for the third quarter, AMC company incurred an adjusted loss per share of 22 cents versus 26 cents and revenue of $968 million vs. $961.1 million forecasted. According to Refinitiv survey.