PKG breaks key support level


Packaging Corporation of America (PKG) Technical Analysis Report for Aug 10, 2018 [< 1 min read]
Highlights
PKG breaks key support level
PKG breaks below previous session low
PKG falls to lowest close since July 27th
TQ Sentiment
Report Sentiment: 66% Bearish
Technical Forecast:
Overview

PKG ended the week -0.75% lower at 110.56 after losing $1.00 (-0.9%) today. Today's closing price of 110.56 marks the lowest close since July 27th. Closing below Thursday's low at 110.82, Packaging Corporation confirms its breakout through the prior session's low having traded $0.61 below it intraday.

Daily chart for PKG
Volatility

Friday's trading range was $0.94 (0.85%), that's below last trading month's daily average range of $1.83. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly above average.

Support/Resistance

Breaking below the key support level at 110.91 today, it is now likely to act as resistance going forward.

Trend

Though the market 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.

Order Flow

With prices trading close to this year's low at 107.96, downside momentum could speed up should the share break out to new lows for the year. Further selling might move prices lower should the market test July's nearby low at 108.63.

Conclusion

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

Market Conditions for Packaging Corporation of America
Condition Forecast Direction Win Avg Worst Best Events
Decisive Up Move TQ Pro Members Only
White Candle TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Price broke through Technical Resistance R1 TQ Pro Members Only
Close to Swing High TQ Pro Members Only
More market conditions identified for TQ Pro members...
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