- AMC Entertainment Holding Inc (AMC) continued to move lower on the weekly time frame.
- The pre-market opening on October 11 shows a drop of 0.79% in intraday trading.
- On the daily time frame, the 20-day exponential moving average is breaking a bullish trend line.
Global markets are looking weak for some time after the rally in July-August. Analysts and investors are considering it as a correction phase but some are letting it fall. For the past several days, the S&P 500 Index has been highly volatile, thus investors have a volatile portfolio.
NYSE: the AMC stock price — AMC Entertainment Holding Inc. — has been steadily going down for the past several days. Post COVID-19, investors were happy to see more than 100% return on their investment. But profit-booking became the biggest problem for the big bulls. AMC stock price is looking bearish since hitting an all-time high of $44.61, which has never been seen again.
In the context of the weekly time frame, AMC stock price is extremely weak. Since it’s all-time high, AMC investors became the witness of lower-highs and lower-lows formation so far. Meanwhile, market sellers have been dumping assets on the rise. Maker follows selling on rise technique.
On a weekly time frame, AMC stock price got higher price rejection close to $16.25 level. Afterall, the recent sell-off occurs because of the Long-Legged Doji candle (Pointed on Chart). As well as, the weekly MACD indicator is showing more sell-off ahead after bearish crossover along with decreasing histograms.
At the time of this writing, AMC stock price is bearish as the pre-market opening on October 11 shows a gap-down of 0.79% in intraday trading. Last night, it struggled with a short selloff, which resulted in a 2.76% drop to $6.35 against the USDT pair. Traders can consider selling tonight after seeing the gap-down opening.
Conclusion
On the daily time frame, the 20-day exponential moving average is breaking a bullish trend line. Despite the bearish trend, there is an opportunity for the bulls to rally near the $6.0 support level for AMC stock price. This is the last defense zone for the bulls to avoid overselling.
Resistance level- $10 and $17
Support level- $6.0 and $3.3
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.