$AMC stock closes up on Thursday as markets recover from Wednesday wipeout. AMC still way below previous highs, but another could be coming. Company results last week better than expected, but debt headwinds and economic slowdown lie ahead by ivanbrian9
AMC is still way below previous spike highs, but another could be coming.AMC stock closed up on Thursday, and Friday could see more gains for the meme stock favorite as investors look to close out positions and end the week positively. Friday is also option expiry time, andhas been terrible. Net options expiry should be on the buy-side this time, and coupled with poor liquidity should help stock markets take a leg higher. AMC should, therefore, benefit from some improved sentiment.
AMC did not quite get to our support at $8.95 and is now back at the pivot of $13. If AMC can hold this $13 pivot, it may then set up a move to $21 if conditions stabilize and risk appetites improve slightly. AMC and many other consumer stocks have fallen sharply this year. We are currently pricing in a 50/50 chance of a recession in the US, and stocks have repriced sharply lower. This is notably the case with consumer discretionary after the Target and Walmart meltdown this week.
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