AMC.AX stuck within tight trading range
Amcor Ltd (AMC.AX) Technical Analysis Report for Apr 17, 2018
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.
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.
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.
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.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
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.
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||Direction||Win Rate||Win Rate||Exit Day||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|
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