AMC (NYSE: AMC) stock price has rebounded from its yearly lows, as I predicted in my previous forecast. This bounce was pretty much a given after the stock entered oversold territory after an intense sell-off in August. Technical analysis reveals that the bulls are still not out of hot waters.
The US markets opened on Tuesday after a long Labor Day weekend. AMC shares showed a tiny drop in the pre-market session. The shares opened at $13, 0.8% lower than the last weekly close of $13.10. At press time, the shares of the entertainment company are changing hands at $13.03.
B. Riley Raises Target For AMC Shares
According to the latest news, middle market investment bank B. Riley has raised its target for AMC stock price from $4.5 to $45. The investment giant believes that the Taylor Swift Concert Film could be a new growth opportunity for the theatre chain operator.
AMC stock price has been in a slump since the court’s approval of APE stock conversion. The company experienced a stock split and the conversion of preferred equity to common shares on the same day. The market capitalization of the company has now been reduced to only $2.07 billion.
AMC Stock Price Forecast
As visible from the following NYSE: AMC chart, the stock had already been in a downtrend before the news of APE conversion. The negative news intensified the downtrend and sent it to the lowest level in more than 2.5 years.
While the long-term AMC stock price prediction remains bearish, in the short term, it may fill the $16.6-$19.4 price gap. The invalidation of this bullish move will be a breakdown below the $10.75 support level which is shown on the following chart.
In the meantime, I’ll keep sharing updated AMC shares and my personal trades on my Twitter, where you are welcome to follow me.
