AMC.AX breaks below previous session low
Amcor Ltd (AMC.AX) Technical Analysis Report for Sep 14, 2018
Moving lower for the 2nd day in a row, AMC.AX ended the week -1.21% lower at 13.86 after losing A$0.08 (-0.57%) today on low volume. Today's closing price of 13.86 marks the lowest close since August 21st. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 13.91, the share confirms its breakout through the previous session's low having traded A$0.07 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Friday's trading range was A$0.12 (0.86%), 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 way below average.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Further selling might move prices lower should the market test August's nearby low at 13.65.
While classical technical analysis indicates a slightly bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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