AMC Entertainment (NYSE:AMC) broke out on 5 March at 8.05, confirmed on 12 March at 11.16, and Monday are trading early at nearly 26% at 14.05 within its 52 wk trading range at .Thus, garnering a LTN Cash Pile Buy signal with at 1 yr target price of 30+/share.
The shares are running North on the expectation its movie theater chain will reopen operations at nearly all its 56 California locations this wk. With 2 of its flagship locations in Los Angeles reopening Monday afternoon according to AMC’s announcement released Friday. All its remaining 23 movie theaters in Los Angeles County will open back up starting on 19 March.
Our outlook is Bullish with a Very Bullish Bias in here, as our Key technical indicators are now flashing Very Bullish. There is no overhead resistance between here and 20/share, the support is deep, the candlestick pattern is Bullish, any short positions left will be forced to cover.
AMC Entertainment Holdings, Inc., through its subsidiaries, involved in the theatrical exhibition business.
The company owns, operates, or has interests in movie theatres.
As of 17 March 2020, AMC operated approximately 1,000 theatres and 11,000 screens in the United States and Internationally making it the world’s Top exibator.
The company was founded in Y 1920 and is HQ’d in Leawood, Kansas. AMC Entertainment Holdings, Inc. is a subsidiary of Dalian Wanda Group Co., Ltd (China)
Have a healthy week, Keep the Faith people are going back to the movies!