The PEAD projected a bearish outlook for $AMCR after a negative under reaction following its earnings release placing the stock in drift D with an expected accuracy of 50%.
you guys know my motto, after huge consolidation or downtrend we will see big breakouts in either direction!
a rejection at extreme resistance and a test 10-11 support is likely
A strong Fibonacci circle trend line can be drawn, this is validated by the bottom along 4.618
Another trendline can be drawn along a down period that has been broken out of and under an attempt to move out of 1.618
Very bullish
Amcor has set up conditions for a buy by having the RSI7 giving an alert by crossing up through 30 and the stochastic buy signal has crossed up through the 27 line and that, in turn, has been confirmed with the EMA21 being flat to rising.
AMCR broke the 12.00 Resistance / Support line, and is on a re-test.
I will place a Stoploss @ 11.90, a bit lower than the current share price, making the loss very limited.
Target price will be $13.00, makes the ratio loss:profit very attractive.
Stop: 11.00
Our model is signaling a continuation trade back up toward 52 week highs. As long as price holds above the most recent range this could be a great play going into the end of the year
NYSE:AMCR broke out of its 2+months cup and handle chart pattern. I alerted to this setup on July 28th. Stock pulled back and made a deeper handle before breaking out in today's session.
Could it be a possible Inverted Head and Shoulders forming on AMCR?
We have a strong neckline and the MACD Indicator made a negative move which can be a signal to complete the downtrend on the right shoulder.
Let me know what you think and remember this is not financial advice.
NYSE:AMCR looks ready to breakout from its 2 month cup and handle consolidation chart pattern. The stock in the last few sessions has also broken through a weekly down sloping trend line adding significant to the cup and handle pattern and the breakout when it takes place.
Keep it Simple!
