AMC.AX tanks, loses A$0.27 (-1.92%) within a single day


Amcor Ltd (AMC.AX) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
AMC.AX crashes, loses A$0.27 (-1.92%) within a single day
AMC.AX dominated by bears dragging the market lower throughout the day
AMC.AX breaks below 50-day moving average
AMC.AX unable to break through key resistance level
AMC.AX ends the day on a bearish note closing near the low of the day
TQ Sentiment
Report Sentiment: 66% Bearish
Technical Forecast:
Overview

AMC.AX finished Thursday at 13.79 tanking A$0.27 (-1.92%) on high volume. This is the biggest single day loss in over three months. Today's closing price of 13.79 marks the lowest close since June 5th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Wednesday's low at 13.97, Amcor Ltd confirms its breakout through the previous session's low having traded A$0.19 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for AMC.AX
Volatility

Thursday's trading range was A$0.21 (1.5%), that's slightly above last trading month's daily average range of A$0.19. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.

Support/Resistance

Prices are trading close to a key support level at 13.77. Unable to break through the key technical resistance level at 13.99, the market closed below it after spiking as high as 13.99 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term. The stock broke below the 50-day moving average at 13.87 today for the first time since June 1st.

Order Flow

Selling might speed up should prices move below the nearby swing low at 13.58 where further sell stops could get activated.

Conclusion

Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a bearish sentiment for the next trading day.

Market Conditions for Amcor Ltd
Condition Forecast Direction Win Avg Worst Best Events
Bearish Bounce off SMA 50 TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Bounced off Technical Support S1 TQ Pro Members Only
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