benzinga.com/trading-ideas/long-ideas/22/08/28375038/heres-why-amc-entertainment-stock-looks-set-to-pounce-higher-after-pulling-back
Twitter users share their thoughts on AMC Entertainment Holdings Inc. AMC posted mixed second-quarter financial results on Thursday. The company has been in the news recently for its handling of a sex scandal involving one of its employees. For more on this story, visit CNN.com/Money.

AMC also announced a special dividend, where for each share of AMC Class A common stock held on record as of Aug. 15, 2022, the holder will receive one AMC Preferred Equity Unit. AMC was trading almost 10% lower in the premarket on Friday but not low enough to negate the fairly consistent uptrend.

The most recent low in AMC’s uptrend was printed on July 27 at $13.82. The most recent confirmed higher high was formed at the $18.37 mark on July 21. On Thursday, AMC printed an evening star candlestick, which indicates the next higher high is in and the stock will retrace.

When AMC’s RSI reached the same level on July 20, the stock pulled back 24% over the four trading days that followed. Bullish traders will want to see AMC hold above the moving averages, especially the eight-day EMA, on the pullback.

AMC has resistance above at $20.36 and $25.79 and support below at $17.07 and $14.68. If AMC holds above the level and continues to trend higher in its uptrend, the stock will eventually regain the 200-day SMA.
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