AMC.AX snaps to lowest close since May 10th
Amcor Ltd (AMC.AX) Technical Analysis Report for May 17, 2018
AMC.AX finished Thursday at 13.83 losing A$0.12 (-0.86%) on low volume. Today's closing price of 13.83 marks the lowest close since May 10th. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range.
Thursday's trading range was A$0.20 (1.43%), that's slightly below last trading month's daily average range of A$0.21. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. After moving higher in the previous session, the stock closed lower but above the prior day's open today, forming a bearish Harami Candle.
After trading as low as 13.74 during the day, the share bounced off the key support level at 13.77. The failure to close below the support could increase that levels importance as support going forward. Prices are trading close to the key resistance level at 13.99. After having been unable to move lower than 13.70 in the previous session, Amcor Ltd found buyers again around the same price level today at 13.74. After trading as low as 13.74 during the day, the market found support at the 20-day moving average at 13.76.
Although AMC.AX is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.
Selling could accelerate should prices move below the nearby swing low at 13.70 where further sell stops might get activated.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.