AMC Earnings Previously Moved The Stock; Can It See Another Push For Monday's Report?

AMC Entertainment Holdings Inc. AMC shares are trading higher Monday in anticipation of the company’s earnings. The previous four earnings prints caused an average of an 8% move up or down following the announcement.

AMC is set to report earnings after the market closes. Analysts are predicting the company to report a second-quarter net loss of $436.1 million.

AMC Entertainment was up 1.22% at $33.10 at last check.

See Also: Analyst Explains Recent Price Action Of AMC Entertainment Stock Ahead Of Earnings

AMC Entertainment Daily Chart Analysis

• The stock looks to have bounced off support in what technical traders call a falling wedge pattern.
• 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.
• The 50-day moving average may hold as resistance, while the stock may find support near the 200-day moving average.
• Price will likely continue to be condensed within the pattern until the stock sees above-average volume and possibly sees a large move past pattern support or resistance.
• The Relative Strength Index (RSI) has been moving sideways below the 50 mark and sits near 41. This means for the past couple of weeks, the stock has seen more selling than buying.

What’s Next For AMC Entertainment?

Bullish traders are looking to see good earnings and start moving higher. They would like to see the stock break pattern resistance on above-average volume for a possible continued higher move.

Bearish traders would like to see bad earnings and for the stock to fall lower below pattern support. A move below pattern support with consolidation could let the stock see a further push.