AMC.AX tanks, loses A$0.27 (-1.92%) within a single day
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.
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.
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.
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.
Selling might speed up should prices move below the nearby swing low at 13.58 where further sell stops could get activated.
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
|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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