Imax Corp (IMAX) is a leading entertainment technology company. The stock has been coming under selling pressure since early June 2021. Imax Corp (IMAX) traded as high as $23.54 a share on June 9th, 2021. Since that high pivot, the shares have steadily fallen and now trades around $19.18 a share. The stock is now trading below it’s important 50-day moving average. This puts the stock in a weak technical position on the charts and often indicates lower stock prices ahead.
The next major support level for IMAX Corp stock will be around the $16.00 area. This level is where the stock broke out in December 2020. Often, when stocks backtest their prior breakout levels they will be defended by the institutional crowd. Imax Corp (IMAX) stock also has a key retrace level in this vicinity that will add to the strength of this support area. I will be keeping this stock on my radar for when this level is tested.
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