AMC stock rises after reopening announcement

AMC Entertainment (AMC.US) – stock rose over 8 % in pre-market after the movie theater chain announced that it will resume operations  at theaters in New York State on Oct. 23, meaning it will be operational in 44 of the 45 states in which it operates. The reopening does not include movie theaters in New York City. "The reopening of movie theatres around the country is essential to the theatrical industry and the entire entertainment ecosystem. It has become clear that movie studios are not willing to release blockbuster product until key major markets are open. Therefore, it is a monumental step in the right direction for our entire industry that theatres are starting to open across the state of New York," remarks AMC CEO Adam Aron.

AMC Entertainment (AMC.US) – stock launched today’s session with a bullish price gap and is currently testing major resistance at $3.80. Should upbeat moods prevail, next resistance at $4.97 may come into play. However if sellers will manage to regain control, then support at $2.00 may be at risk. Source: xStation5

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