Apes stay strong ? hold until de end.
AMC Entertainment Holdings Inc (NYSE:AMC) shares are trading up Monday, possibly amid many other short interest names trading higher. AMC has a total share float of 511.55 million, of which 79.5 million shares are sold short, representing 15.95% of shares sold short.
AMC Entertainment closed up 6.25% at $43.33 at market close Monday.
See Also: Why AMC Shares Are Rising
AMC Entertainment Daily Chart Analysis
The stock looks to have broken out of what technical traders call a falling wedge pattern, and is seeing a period of sideways movement.
If the stock can break resistance it may see a further upward move, but if it is unable to break it may fall somewhere near support before it makes another attempt.
The stock crossed above the 50-day moving average (green) Monday and traded above the 200-day moving average (blue), indicating the stock is likely facing a period of bullish sentiment.
Each of these moving averages may hold as a potential area of support in the future.
The Relative Strength Index (RSI) has been moving higher and now sits at 59 on the chart. This push higher on the RSI hints that the stock may be ready to see a breakout soon. If the RSI can keep climbing the stock may breakout sometime while the RSI is in the overbought range.
What’s Next For AMC Entertainment?
Bullish traders are looking to see the stock move higher on above-average volume for a possible breakout-type move. Bulls are then eventually looking for a consolidation period with held gains, for a possible second leg higher.
Bearish traders would like to see the stock fall and cross back into the wedge pattern. If the stock were to cross into the wedge pattern once again, bears would then want to see it cross below pattern support. This could hint the stock is ready for a bearish move.
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