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Possible Bearish Inside Day Candle Pattern Detected for Amc Entertainmen (NYSE:AMC)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Amc Entertainmen (NYSE:AMC) based on the price action in the company's shares. Yesterday's price range of $5.45 and $5.84 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Amc Entertainmen may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 306.2% for shares of Amc Entertainmen based on a current price of $5.12 and an average consensus analyst price target of $20.80. The stock should hit resistance at its 200-day moving average (MA) of $7.68, as well as support at its 50-day MA of $3.54.

AMC Entertainment Holdings Inc. operates as a holding company. The Company, through its subsidiaries, provides theatrical exhibition services. AMC Entertainment offers movie theaters in the United states, Canada, Europe, and Asia.

Amc Entertainmen share prices have moved between a 52-week high of $13.75 and a 52-week low of $1.95 and closed yesterday at 163% above that low price at $5.12 per share. Over the last five market days, the 200-day moving average (MA) has gone down 1.1% while the 50-day MA has declined 2.1%.

SmarTrend is tracking the current trend status for Amc Entertainmen and will alert subscribers who have AMC in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle amc entertainmen

Ticker(s): AMC