AMC.AX rises to highest close since June 29th


Amcor Ltd (AMC.AX) Technical Analysis Report for Jul 13, 2018 [< 1 min read]
Highlights
AMC.AX pushes through 20-day moving average
AMC.AX closes higher for the 3rd day in a row
AMC.AX pushes through previous session high
AMC.AX rises to highest close since June 29th
TQ Sentiment
Report Sentiment: 33% Bullish
Technical Forecast:
Overview

Moving higher for the 3rd day in a row, AMC.AX ended the week 0.84% higher at 14.35 after gaining A$0.10 (0.7%) today. Today's closing price of 14.35 marks the highest close since June 29th. Closing above Thursday's high at 14.33, Amcor Ltd confirms its breakout through the prior session's high having traded A$0.06 above it intraday.

Daily chart for AMC.AX
Volatility

Friday's trading range was A$0.17 (1.19%), that's below last trading month's daily average range of A$0.20. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average.

Support/Resistance

Prices are trading close to the key resistance level at 14.40.

Trend

Although the stock is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive. The market managed to break above the 20-day moving average at 14.27 today for the first time since July 6th.

Order Flow

Buying might accelerate should prices move above the close-by swing high at 14.40 where further buy stops could get activated. Further buying might move prices higher should the market test June's nearby high at 14.64.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bearish.

Market Conditions for Amcor Ltd
ConditionForecastDirectionWinAvgWorstBestEvents
White Candle TQ Pro Members Only
High close to previous High TQ Pro Members Only
Price broke through Technical Resistance R1 TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Bullish Break through SMA 200 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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