AMC (NYSE: AMC) stock price has rebounded from fresh 3-month lows. The stock of the American entertainment company has now printed five green candles on a row on its chart. The latest analysis reveals there could be slightly more upside before a potential pullback.
On Monday, AMC shares closed the first trading session of the week with 0.91% gains. The positive price action comes after a 9.73% surge last week. The stock is heading for a retest of a key trendline which may result in a correction in the coming days.
Citi Places AMC On Downside Catalyst Watch
According to the latest AMC news, Citit has opened a 30-day downside catalyst watch for the theatre chain. This is due to the fact that the analysts are expecting the court to allow a settlement plan to convert APE. After this settlement plan, the prices of AMC and APE will converge.
AMC stock price is currently 48% down from its yearly high. There seems to be a strong demand zone below $4, as the stock has bounced off this region multiple times. The shares are also retesting the downward trendline, as visible in the following chart.
AMC Stock Price Forecast 2023
The latest analysis of NYSE: AMC chart reveals that after rebounding from the $4 support level, the stock is heading for a retest of the downward trendline. A breakout above this trendline can make AMC stock forecast quite bullish, at least for the short term.
As long as the shares remain below this trendline, another retest of the $4 level will remain on the cards. A breakdown of the $4 support level will be extremely bearish for the stock and may send it into a prolonged bearish accumulation.
In the meantime, I’ll keep sharing updated AMC stock price forecast and my personal trades on my Twitter where you are welcome to follow me.
