AMC Entertainment Holdings Inc (NYSE:AMC) stock is on fire despite the weak market on Thursday as the stock has been showing a nice and steady rise since morning trade.
At the time of writing, AMC stock is up by 31.50% to $13.57 on hefty volume 205 million – 2.35X its daily average volume.
Today’s sudden rise seems to be more of a technical rally as the stock has moved above its 50-day moving average price of $10.50. Moreover, now the stock is trading near to its March’s high of $14.54. Above this level, the stock might see further momentum and may attempt to move towards its 52-week high of $20.36.
AMC stock has soared 615% from its 52-week low of $1.91. After a severe fall last year, the stock has seen a round of ups and downs fueled by Reddit forums that target the high short interest stocks.
Keep an eye on AMC stock as momentum is in favor, but do not forget it’s a very risky stock.