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Benzinga

Business

Melanie Schaffer

EXPLAINED: Why amc entertainment stock could go bananas if this pattern holds | Rare Historical Photos

AMC AMC Entertainment NYSE

AMC Entertainment Holdings, Inc (NYSE:AMC) was trading more than 8% lower on Wednesday after skyrocketing 166% higher between March 14 and Tuesday, when the stock printed a temporary top at the $34.33 mark.

The trading range is completely within Tuesday’s range, however, which has caused the AMC to develop an inside bar pattern on the daily chart. An inside bar pattern indicates a period of consolidation and is usually followed by a continuation move in the direction of the current trend.

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