AMC.AX stuck within tight trading range

Amcor Ltd (AMC.AX) Technical Analysis Report for Apr 17, 2018

Highlights

AMC.AX closes below its opening price unable to hold early session gains
AMC.AX finds buyers at key support level
AMC.AX fails to close above 50-day moving average
AMC.AX finds buyers again around 13.96
AMC.AX stuck within tight trading range

TQ Sentiment

Report Sentiment: 36% Bearish
Technical Forecast:

Overview

AMC.AX ended Tuesday at 14.01 losing A$0.05 (-0.36%). Today's closing price of 14.01 marks the lowest close since April 7th. Trading A$0.06 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for AMC.AX

Volatility

Tuesday's trading range was A$0.16 (1.14%), that's below last trading month's daily average range of A$0.19. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 13.96 and 14.19 which it has been in now for the last three days.

Price Action

In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bearish Outside Bar. Regardless of a strong opening the stock closed below the previous day's open and close, forming a bearish Engulfing Candle.

Support/Resistance

After trading as low as 13.96 during the day, the market bounced off the key support level at 14.00. The failure to close below the support could increase that levels importance as support going forward. After having been unable to move lower than 13.98 in the prior session, Amcor Ltd found buyers again around the same price level today at 13.96. After spiking up to 14.12 during the day, AMC.AX found resistance at the 50-day moving average at 14.07.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Order Flow

Selling might speed up should prices move below the close-by swing low at 13.82 where further sell stops could get activated. Further selling might move prices lower should the market test March's nearby low at 13.74.

Conclusion

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

Market Conditions for Amcor Ltd

Condition Forecast Direction Win Rate Exit Day Events
4 Consecutive Lower Closes TQ Pro Members Only
Bounced off Technical Support S1 TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Bullish Spinning Top TQ Pro Members Only
Close below the lower Bollinger Band TQ Pro Members Only
More market conditions identified for TQ Pro members...
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