AMC Price Forecast – Price Breakout Supports $32.00 Target

AMC Price Target

With AMC currently above last week’s high, the odds favor a breakout to the $30.00 to $32.00 area. I see stiff resistance coming in around $32.50, which may be challenging to overcome. To recommend sustained upside, I need to see a robust breakout above $36.00.

A reversal that closes below $21.00 would recommend an end to the current rebound and a potential new leg lower.

Key Resistance

If AMC reaches $32.50, it will meet converging resistance:

1) Prior support and breakdown below $32.50 from December 2021.

2) The declining 200-day MA.

3) The dashed downtrend line going back to the top.

Disclosure: I’ve been long HYMC before AMC bought and took a 22% ownership stake.

AG Thorson is a registered CMT and expert in technical analysis. He believes we are in the final stages of a global debt super-cycle. For regular updates, please visit here.