AMC Entertainment Holdings Inc. (NYSE:AMC) shares are trading higher Friday after a strong opening box office performance of "Spider-Man: No Way Home." The stock looks to be attempting to push back into a pennant pattern it once traded in.
AMC's stock is up 24% at $30.36 at time of publication.
See Also: 'Spider-Man: No Way Home' Already Breaking Records, AMC Reports 1.1M US Moviegoers For Opening Night
AMC Daily Chart Analysis
- The stock recently fell below support in a pennant pattern and now looks to be attempting to cross back above this support level. A push back above support shows that the stock is gaining some momentum again and might be ready to continue on its bullish trend.
- The stock trades below both the 50-day moving average (green) and the 200-day moving average (blue). This indicates bearish sentiment, and each of these moving averages may hold as an area of resistance in the future.
- The Relative Strength Index (RSI) saw a jump higher and now sits at 44 on the indicator. This shows the stock is seeing a strong increase in the number of buyers although the selling pressure still outweighs the buying pressure overall.
What’s Next For AMC?
The stock became more bearish after falling below pattern support, but as it climbs back it looks like bulls are entering the market once again.
Bulls want to see the stock climb back above the support line and be able to hold above it. Bears want to see this level hold as an area of resistance and for the stock to fall back lower once again.
