AMC Nears Resistance At $14.50

We suggested buying AMC in a blog posting on March 7th at $14.06.

Since the start of the year, AMC has been trading in a pennant formation with support in the $13.70 area and firm resistance at $14.50.

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The share price traded to $14.26 today and we are looking at $14.50 as a price inflection point.

A break higher could extend to $14.80, which would offer and opportunity to sell the $15.00 calls into December.

This would allow investors to collect the September dividend of 29.85 cents, as well as 60 to 70 cents in option premium for the sold calls.

AMCOR

 

 

 

Author: Todd

Todd has worked in the financial industry for 20 years. During this time, his primary focus has been in the Foreign Exchange, Global Equities and Fixed Income areas. Todd has also served as a Judicial Advocate in several tax cases in the US Federal Court.