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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Packaging Corp (NYSE:PKG) based on the price action in the company's shares. Yesterday's price range of $95.52 and $97.31 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. Traders and investors interested in shares of Packaging Corp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, shares of Packaging Corp have traded between a low of $77.90 and a high of $124.70 and closed yesterday at $96.41, which is 24% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 0.2%.

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 29.9% based on a current price of $96.41 and analysts' consensus price target of $125.23. The stock should run into initial resistance at its 50-day moving average (MA) of $98.63 and subsequent resistance at its 200-day MA of $100.30.

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

Keywords: bullish am inside day candle packaging corp

Ticker(s): PKG