AMC.AX rises to highest close since June 29th

Amcor Ltd (AMC.AX) Technical Analysis Report for Jul 13, 2018

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

Loading Market Conditions for $AMC.AX (Amcor Ltd)...
Trending Assets

Upgrade your trading!

Get the stats behind the charts

Find out what happened when Amcor Ltd traded like this in the past. See the odds for each technical pattern with expected gain and loss.

Find out more
Top Market Movers
You have free reports remaining. Subscribe for unlimited access...SUBSCRIBELOGINGO!