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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