The AMC share price is under pressure this Tuesday, even as the US markets experience some negative price moves on the day. A new round of insider selling of shares took place, as an SEC filing revealed that John McDonald, the US Operations Executive VP, sold 75,000 shares.
The sale was made on 12 January and preceded that of the company’s Chief Marketing Officer and Executive VP Stephen Colanero. Colanero sold 50,588 shares as reported in an SEC filing.
While insider selling of shares does not necessarily connote a negative situation with the company, it sometimes provokes panic selling among other traders holding the stock. This appears to be the situation with the AMC share price, which is down 9.09% as of writing.
AMC Share Price Outlook
The intraday decline takes the AMC share price one step closer to the 14.81 support level. An intervening support comes between the current price mark and the 14.81 support.
This price level is found at the 17.19 price mark, formed by the February 2021 high. If this level gives way, followed by a further breakdown of the 14.81 support, the bears will have free reign to approach 11.96.
On the flip side, the bulls need price action to beat the 25.36 resistance to create an opportunity to make it to 29.44. 29.80 and 34.54 form additional resistance barriers.
This move requires a bounce on any of the mentioned support levels, which must take out 21.03 to create the recovery opportunity.
AMC: Daily Chart
