PKG closes below its opening price unable to hold early session gains


Packaging Corporation of America (PKG) Technical Analysis Report for Apr 16, 2018 [1 min read]
Highlights
PKG closes below its opening price unable to hold early session gains
PKG fails to close above 200-day moving average
PKG closes higher for the 3rd day in a row
PKG rises to highest close since March 26th
PKG stuck within tight trading range
TQ Sentiment
Report Sentiment: 37% Bearish
Technical Forecast:
Overview

Moving higher for the 3rd day in a row, PKG finished Monday at 113.92 edging higher $0.38 (0.33%). Today's closing price of 113.92 marks the highest close since March 26th. Trading $0.65 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 past the prior day's trading range in a lackluster session.

Daily chart for PKG
Volatility

Monday's trading range was $1.57 (1.37%), that's far below last trading month's daily average range of $2.79. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 112.85 and 115.17 which it has been in now for the last three days.

Support/Resistance

Prices are trading close to the key resistance level at 114.38. After spiking up to 115.17 during the day, the market found resistance at the 200-day moving average at 114.82.

Trend

Packaging Corporation shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Order Flow

Selling could speed up should prices move below the close-by swing low at 111.59 where further sell stops might get activated. With prices trading close to this year's low at 107.96, downside momentum could accelerate should the stock break out to new lows for the year.

Conclusion

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

Market Conditions for Packaging Corporation of America
ConditionForecastDirectionWinAvgWorstBestEvents
Close near high of period TQ Pro Members Only
White Candle TQ Pro Members Only
Decisive Up Move TQ Pro Members Only
Bearish Bounce off SMA 100 TQ Pro Members Only
Bounced off Technical Support S1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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