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Possible Bearish Inside Day Candle Pattern Detected for Graphic Packagin (NYSE:GPK)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Graphic Packagin (NYSE:GPK) based on the price action in the company's shares. Today's price range of $13.11 and $13.11 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Graphic Packagin may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Graphic Packagin (NYSE:GPK) has potential upside of 41.0% based on a current price of $13.11 and analysts' consensus price target of $18.48. The stock should find initial support at its 200-day moving average (MA) of $12.79 and further support at its 50-day MA of $12.52.

Graphic Packaging Holding Company is an integrated provider of paperboard and integrated paperboard packaging solutions to multinational beverage and consumer products companies. The Company manufactures folding cartons for frozen and non-frozen food and beverage products.

In the past 52 weeks, Graphic Packagin share prices have been bracketed by a low of $10.04 and a high of $16.61 and are now at $13.11, 31% above that low price. The 200-day and 50-day moving averages have moved 0.32% lower and 0.56% higher over the past week, respectively.

SmarTrend is tracking the current trend status for Graphic Packagin and will alert subscribers who have GPK in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle graphic packagin

Ticker(s): GPK