AMC.AX breaks key support level
Amcor Ltd (AMC.AX) Technical Analysis Report for May 18, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, AMC.AX ended the week -1.58% lower at 13.67 after losing A$0.16 (-1.16%) today on low volume. Today's closing price of 13.67 marks the lowest close since May 8th. Closing below Thursday's low at 13.74, the stock confirms its breakout through the previous session's low having traded A$0.16 below it intraday.
Daily Candlestick Chart (AMC.AX as at May 18, 2018):
Friday's trading range was A$0.30 (2.16%), that's above last trading month's daily average range of A$0.22. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.
Breaking below the key support level at 13.77 today, it is now likely to act as resistance going forward.
While Amcor Ltd 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. The market broke below the 20-day moving average at 13.74 today for the first time since May 10th.