For the past 4 years AMC has been trading in a range between $6.40 and $7.80. Late last week this range wasbroken to the downside and we believe the stock now represents a trading opportunity from the short side for amove back to $4.50.
Last week the stock broke through this support to the downside, and it looks like being the first month since 2002 that the stock will close below the $6.40support. This is a bearish signal.
AMC is currently operating in an unfavourable environment: - Higher Australian dollar will continue to hurt the bottom line - Cost pressures will continue as raw materials prices continue to rise, keeping margins down, particularly in the PET business - Oil prices at record highs - Restructuring continues
AMC Price at posting:
0.0¢ Sentiment: LT Sell Disclosure: Held
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