However, the rally could hit a wall, as the bears are likely to mount a stiff resistance in the $19.69 to $21.36 resistance zone. The aggressive buying this week has pushed the price above the stiff overhead resistance at $14.52. This shows that bull traders have been accumulating at lower levels. The AMC share price has not broken below the 20-week exponential moving average (EMA) since the massive rally in January. AMC share price technical analysis: Weekly chart Will AMC stock go up further or is it time to book profits? Read our AMC stock analysis to find out.
The average analyst target for AMC stock is $5.11, 73% below Wednesday's closing price of $19.48. Bazinet’s bull case target for the stock is $5.15, far below the current levels. On Monday, Citi Research analyst Jason Bazinet retained his sell rating on AMC stock with a price target of $3.70. The current rally is not backed by any major change in fundamentals. According to HypeEquity data, the words “short” and “squeeze” are being increasingly used in the Reddit community for AMC. Reddit’s WallStreetBets community is aiming to trap the short-sellers and force them to cover their shorts in a repeat of the massive short squeeze that propelled prices higher in January. Shares of AMC Entertainment (NYSE: AMC) have rallied over 63% since Monday as meme stocks make a comeback.
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