This Stock Is Testing Resistance
Amcor plc (NYSE: AMCR) develops, manufactures, and sells various packaging products for food, beverage, pharmaceutical, medical, home and personal care, and other consumer goods end markets worldwide.
This stock offers a target potential upside of about 13% with almost 4:1 potential reward to risk ratio.
Recommended Trade
Buy: Amcor plc (NYSE: AMCR)
Buy Price: $11.02
Target Price: $12.51 (+13.5%) based on the price pattern.
Stop Loss: $10.64 (-3.4%) based on the price pattern.
Rationale: The price is breaking through resistance that dates back to July 2019 as stochastic signals a buy.
Risk: There is formidable resistance at this level and the stock could face difficulty decisively clearing this level. The close stop could be triggered in the back and forth action often seen as prices challenge significant levels.