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Possible Bearish Inside Day Candle Pattern Detected for Packaging Corp (NYSE:PKG)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Packaging Corp (NYSE:PKG) based on the price action in the company's shares. Yesterday's price range of $106.22 and $107.89 is within the prior day'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 Packaging Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Packaging Corporation of America manufactures and sells containerboard and corrugated packaging products primarily in the United States.

Packaging Corp (NYSE:PKG) has potential upside of 17.0% based on a current price of $107.03 and analysts' consensus price target of $125.23. Packaging Corp shares have support at the 50-day moving average (MA) of $99.85 and additional support at the 200-day MA of $96.15.

Over the past year, Packaging Corp has traded in a range of $77.90 to $118.88 and closed yesterday at $107.03, 37% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.6% while the 200-day MA has remained constant.

SmarTrend recommended that subscribers consider buying shares of Packaging Corp on June 6th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $95.45. Since that recommendation, shares of Packaging Corp have risen 13.2%. We continue to monitor PKG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle packaging corp

Ticker(s): PKG