AMC Entertainment Holdings Inc. (NYSE: AMC) shares are trading higher on Wedensday. The stock still continues to be one of the most popular within the Reddit community.
AMC Entertainment was up 0.8% at $37.45 at publication time.
See Also: AMC Entertainment Stock Soars Into Resistance: What’s Next?
AMC Entertainment Daily Chart Analysis
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The stock looks to be nearing resistance in what technical traders call a falling wedge pattern.
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The stock trades below the 50-day moving average (green), but above the 200-day moving average (blue), indicating the stock is likely facing a period of consolidation.
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The 50-day moving average may hold as resistance, while the stock may find support near the 200-day moving average.
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The price will likely continue to trade within the pattern until the stock sees a day with above-average volume and can breakout.
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The Relative Strength Index (RSI) has been moving sideways and sits at 51. This means the stock has seen relatively equal buying and selling pressure throughout the past couple of weeks.
What’s Next For AMC Entertainment?
Bullish traders are looking to see the stock break above resistance and start pushing higher. Bulls would then like to see the stock consolidate while holding its gains for a possible further move.
Bearish traders would like to see the stock get rejected at resistance and be unable to cross above resistance. Bears would then like to see the stock fall below the pattern support and continue to fall lower.
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