Break above 8 month resistanceThis Green trend line has been AMC's resistance since the May run-up of last year.
Right now, the price action is bouncing between it and the Red support line.
With the 4th anniversary of the first sneeze coming up, the BOJ rumored to increase interest rates to the highest level in 17 years on Friday morning, and the first FOMC meeting of the year and new Presidency being next Wednesday, I think the perfect storm is brewing for hedge funds to have to close their short positions.
If we close the week above 3.50/above the green resistance line, I am expecting volatility to the upside.
Also important to remember that at 5.66, AMC can clear $400M worth of debt, which would bring the company closer to $3.5B.
Compared to the high of $5.88B in debt it had at the end of September 2020, that is great progress.
Let's see what happens in the next couple days/week.
