AMC Entertainment (AMC.US) stock surged 40% in the premarket after the world’s largest movie theater chain raised $917 million in equity and debt, as it deals with the pandemic’s impact on movie theater attendance. Thanks to the new funds, the company obtained the necessary liquidity that will allow it to continue its operations without the need to file for bankruptcy. “Any talk of an imminent bankruptcy for AMC is completely off the table,” AMC Chief Executive Officer Adam Aron said.
AMC Entertainment (AMC.US) stock broke above the downward trendline on Friday and upward move is being continued today after the US open. Stock launched today’s session with a massive bullish price gap, however buyers failed to break above the resistance at $4.80 and price pulled back. Should the downward correction start, price may be moving towards a support at $ 3.74. On the other hand, if buyers manage to regain control, then another upward impulse toward resistance at $5.80 could be launched. Source: xStation5
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