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AMC Networks Inc (AMCX) Is Forming A Monster Bearish Base

AMC Networks Inc (AMCX) operates several cable television channels such as AMC, BBC America, WE tv, IFC and the SundanceTV channel. The stock peaked on March 15, 2021 at $83.63 a share. Since that pivot top, the shares have fallen sharply and now trade around the $51.00 level. The stock has been trading sideways since March 26th, 2021. This current formation is a bearish consolidation pattern which will usually indicate another move lower in the stock price. 

The stock is currently trading below the 50-day moving average, this also puts the stock in a weak technical position on the charts. The next major chart support level for the stock will be around the $37.00 area. This support level is where the important 200-day moving average is located. Often, a key moving average will be defended by the institutional crowd when tested. The company is scheduled to report earnings on May 7th, 2021.      

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