AMC returns lower - Analysis - 10-11-2022

AMC Entertainment Holdings' stock (AMC) returned lower in the intraday levels, after the cinema chain company reported quarterly losses for the 12th time in a row, while earnings passed estimates, with the stock marking a loss of 7.65%, or 43 cents in the last session, settling at 51.9, with trading volumes surpassing 25.7 million shares, above 10-day averages of 21.5 million shares.

Technically, the stock returned lower after attempts to vent off oversold saturation in the RSI, with the dominance of the main downward trend in the medium term, with negative pressure from the 50-day SMA.

Therefore we expect more losses for the stock, targeting  the support of 4.30, provided it settles below the resistance of 5.96.

Expected trend for today: Bearish