Earlier this week, AMC struggled to give a weekly-up rotation over last week’s high, as well as clear the 50-day moving average. After a couple of tries, it finally ignited through this area on Thursday. The shares closed more than 23% higher that day, although the stock was up as much as 38% at the day’s high.

The stock is working on its sixth consecutive daily gain and sits just below a key area on the chart.

That level is $14.59, which is the 61.8% retracement of the explosive rally we saw earlier this year.

With AMC’s powerful rally on Thursday, the shares not only went weekly-up, but they also went monthly-up by rotating over the April high at $12.22. The stock also cleared downtrend resistance.

The latter has been pretty stout resistance over the past few months. To clear these levels so explosively makes them KEY going forward. Specifically, bulls want to see AMC stock stay above the April high. Moving forward, that’s the goal.

On the upside, the $14.50 to $14.60 zone looms large. Above this level not only puts AMC over the 61.8% retracement, but also over the March high and prior resistance.

If this key level is broken, it could open up $17 and potentially higher to $20.