A symmetrical triangle has formed in the chart of AMC Entertainment Holdings Inc. (NYSE:AMC). This forms when a down trending resistance line is combined with an up-trending support line. If the stock breaks through either level, a strong move is expected. Read more to learn how to profit from this trade.AMC Entertainment Holdings Inc. (AMC) is involved in the theatrical exhibition business. It owns, operates or has interests in theatres located in the United States and Europe. The company provides best-in-class amenities such as plush, power recliners, MacGuffins full bars, AMC Dine-In Theatres, premium presentation.
AMC has become one of the top meme stocks as Reddit traders forecast a large turnaround for the company. The retail investors expect a short squeeze and consumers heading back to movie theaters. While the company is recovering, its revenue is still considerably lower than its 2017 through 2019 numbers.
While its current cash balance of $1.6 billion is much higher than its short-term debt of only $29 million, it is considerably lower than its massive long-term debt of $10.3 billion. Sales have lost an average of 34.7% per year over the last three years.