AMC.AX breaks key support level


Amcor Ltd (AMC.AX) Technical Analysis Report for May 18, 2018 [< 1 min read]
Highlights
AMC.AX breaks key support level
AMC.AX breaks below 20-day moving average
AMC.AX closes lower for the 2nd day in a row
AMC.AX breaks below previous session low
AMC.AX falls to lowest close since May 8th
TQ Sentiment
Report Sentiment: 60% Bearish
Technical Forecast:
Overview

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 chart for AMC.AX
Volatility

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.

Support/Resistance

Breaking below the key support level at 13.77 today, it is now likely to act as resistance going forward.

Trend

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.

Conclusion

Even though both sentiments are bearish for the next trading day, the classical technical analysis metrics are only slightly bearish while our quantitative statistics show a bearish sentiment.

Market Conditions for Amcor Ltd
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Low close to previous low TQ Pro Members Only
Black Candle TQ Pro Members Only
Bearish Hikkake Pattern TQ Pro Members Only
More market conditions identified for TQ Pro members...
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