AMC Entertainment Holdings forecast: AMC breaking key $12.22

AMC Entertainment Holdings forecast: AMC breaking key $12.22 support level


5/24/2021 9:23:28 AM GMT
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By Ivan Brian
AMC sitting on key support at $12.22
AMC shares have had a sharp rally.
#AMCSqueeze no longer trending on Twitter.
AMC shares are looking to start the week on a cautious note after last week's stellar gains saw AMC close the week struggling to hold those gains. AMC exploded out of its triangle formation and unfortunately just failed to breach the strong $14.54 resistance. Now AMC shares are clinging to support at $12.22 and looking likely to break lower. This is a key support level. 
Just in case you are not too familiar with the whole GameStop and related meme stock saga, here is a little recap of the story so far from AMC's point of view. AMC is a global cinema chain and, as a result, has struggled during the global pandemic as most of these cinemas have been closed for the better part of a year. The company narrowly avoided bankruptcy through the interest of retail traders. By strongly backing it, these retail traders allowed AMC to raise capital and debt, meaning it could survive the pandemic. 

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