AMC.AX rises to highest close since June 29th
Amcor Ltd (AMC.AX) Technical Analysis Report for Jul 13, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (AMC.AX as at Jul 13, 2018):
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.
Prices are trading close to the key resistance level at 14.40.
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.
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.