Since hitting its 52-week low on March 16th, Amcor (AMCR) has almost doubled and is now nearing a key resistance level.
AMCR is a global plastics packaging company that works with leading companies to produce packaging for food, beverages, personal care products, and more. The company struggled when many businesses shut down production due to the pandemic, but could benefit as the economy starts to reopen. AMCR has estimated EPS growth for the current year of 95.1%.
Take a look at the 1-year chart of AMCR below with added notations:
Chart of AMCR provided by TradingView
Over the course of the past nine months, AMCR has formed a key level of resistance in the $11 (red) area. The stock has tested that $11 level several times since the end of last year, and a solid close above that mark should lead to higher prices for AMCR.
Keep an eye on next week on August 18, as AMCR reports earnings before the bell.
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AMCR shares were trading at $10.92 per share on Monday morning, up $0.11 (+1.02%). Year-to-date, AMCR has gained 3.12%, versus a 5.20% rise in the benchmark S&P 500 index during the same period.
About the Author: Christian Tharp, CMT
Christian is an expert stock market coach at the Adam Mesh Trading Group who has mentored more than 4,000 traders and investors. He is a professional technical analyst that is a certified Chartered Market Technician (CMT), which is a designation awarded by the CMT Association. Christian is also the author of the daily online newsletter Todays Big Stock. More...
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