Resistance

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>AMC Entertainment Stock (NYSE: AMC) fell 23% in the previous session.</a> </li> 
 <li> <span>2</span> <a>APE stock fell 8% before conversion into AMC stock.</a> </li> 
 <li> <span>3</span> <a>Reverse AMC stock split into the ratio of 1:10.</a> </li> 
</ul> 
<p>AMC Entertainment stock (NYSE: AMC) fell 23% in the previous trading session ahead of the APE stock conversion. The motive of the AMC preferred equity (APE) conversion is to eliminate the ongoing battle of debt.&nbsp;</p> 
<p>AMC stock will continue to trade in the market after conversion but trading in APE shares will be halted.&nbsp;</p> 
<p>The conversion of APE shares into AMC common stock will be held on August 25, 2023. After the conversion, APE stock will get delisted from the New York Stock Exchange.&nbsp;</p> 
<p>Meanwhile, AMC Entertainment Holdings, Inc. (NYSE: AMC) also completed the reverse stock split in a ratio of 1:10. As a result, the prices were expected to rise but sadly the AMC shares reacted negatively and hit a new low.&nbsp;</p> 
<p>However, after the completion of the conversion, AMC shares might show a relief rally to clear out the short sellers.&nbsp;</p> 
<p>The chart structure of the AMC shares is heavily bearish and speculative activities are also high. In the previous session, the AMC <a href="https://www.thecoinrepublic.com/2023/08/10/amc-stock-price-anticipates-rally-following-optimism-post-earnings/" rel="noopener noreferrer nofollow">stock price</a> closed at $1.96 with an intraday decline of -23.14%. The market capitalization stands at $1.02 Billion.</p> 
<h2 class="wp-block-heading" id="strong-will-amc-entertainment-nyse-amc-recover-after-ape-stock-conversion-strong"><strong>Will AMC Entertainment (NYSE: AMC) recover after APE Stock conversion?</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh4.googleusercontent.com/jrloYVwaeV6iCUw2kwKYDxLzJQAT8pCg_Ww75vFGDmPW5KWNYMzXEL5zsy86WIsqh-vfP81iX0IYc0DTiiBhntERZan8G6BEx6GNK2DGZR5TST7wXSOhkANbX6a21ajxnIVon_BWVZrbffOBXl5qDA" alt="AMC Entertainment: APE Stock Conversion Backfires AMC Stock?"> 
  <figcaption class="wp-element-caption">
    NYSE: AMC daily chart by <a href="https://www.tradingview.com/x/EAIzt22V/" rel="noopener noreferrer nofollow">TradingView</a> 
  </figcaption> 
 </figure> 
</div> 
<p>AMC Entertainment Stock (NYSE: AMC) has now become one of the favorites for speculators after GameStop stock. The prices are highly volatile and can turn at any time overnight.&nbsp;</p> 
<p>The current price of AMC stock is trading far away from the 50-day and 200-day EMA. So a short squeeze rally may arrive at any time which might burn the hands of short sellers.&nbsp;</p> 
<p>The next direction in the stock will be visible after the successful conversion of APE stock. The technical analysis suggests <a href="https://www.thecoinrepublic.com/2023/08/10/amc-stock-price-anticipates-rally-following-optimism-post-earnings/" target="_blank" rel="noopener noreferrer nofollow">AMC shares</a> might show a surprising bounce in the next month.</p> 
<h3 class="wp-block-heading" id="strong-sell-off-in-amc-stock-due-to-uncertainty-strong"><strong>Sell Off in AMC Stock Due to Uncertainty</strong></h3>  
<div class="tradingview-widget-container">
  &nbsp;&nbsp; 
 <div id="tradingview_f7b20"></div> &nbsp;&nbsp; 
 <div class="tradingview-widget-copyright"> <a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow" target="_blank"><span class="blue-text">Track all markets on TradingView</span></a> 
 </div> &nbsp;&nbsp; 
 <script type="text/javascript" src="https://s3.tradingview.com/tv.js"></script> &nbsp;&nbsp; 
 <script type="text/javascript">

  new TradingView.widget(

  {

  "width": 950,

  "height": 500,

  "symbol": "NYSE:AMC",

  "interval": "D",

  "timezone": "Etc/UTC",

  "theme": "dark",

  "style": "1",

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    "STD;Supertrend"

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</div>  
<p>AMC stock witnessed a massive surge in the selling volume. It shows genuine investors might have exited due to uncertainty in the future outlook of the company. In the recent earnings NYSE: AMC reported a positive EPS of 0.009 and revenue of $1.348 Billion.</p> 
<p>The company beats the EPS estimate by 124.33% and revenue estimate by 4.75%. Despite that, AMC shares were unable to sustain the higher levels and continued the downfall.&nbsp;</p> 
<p>It showcased that investors had lost confidence and were reluctant to keep the shares in their portfolios.&nbsp;</p> 
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4> 
<p>AMC Entertainment Stock (NYSE: AMC) got crushed ahead of APE stock conversion. At the same time, the reverse stock split in AMC shares also backfired which is the investor’s sentiment.&nbsp;</p> 
<p>The next direction in the AMC stock will be visible after conversion so a bounce back is expected in the coming week.</p> 
<h5 class="wp-block-heading"><strong>Technical levels</strong></h5> 
<ul> 
 <li>Resistance levels: $4.30 and $6.20</li> 
 <li>Support levels: $1.50 and $1.00</li> 
</ul> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.</p>

AMC Entertainment: APE Stock Conversion Backfires AMC Stock?

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Thecoinrepublic.com

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