Imax Corp

IMAX remains in a Stage 3 distribution phase with a failed rally and Bearish Pivot Point pattern confirming structural repair to the downside. Price sits below the 9/21/50 EMAs and has only tested the 200 DMA support, lacking clear bearish follow-through. Medium-term bias is bearish, but short-term timing is unfavorable for selling into this bounce. We defer execution, planning to sell into resistance near the EMAs or 50 DMA.

• ↑Projects $1.4B global box office in 2026 backed by major blockbusters
• ↑Local films drove 68% of box office, generating $356M YTD
• ↓EBITDA margin fell to 38% in Q1 2026 due to higher marketing costs