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Resistance

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<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>PKG stock showed a massive buying post gap up in the last session.</a> </li> 
 <li> <span>2</span> <a>Buyers are gaining momentum and lifting the gains beyond the barriers.</a> </li> 
</ul> 
<p>Packaging Corporation of America (PKG stock) showed massive sentimental buying because of the Q2 earnings reports posted yesterday.&nbsp;</p> 
<p>PKG stock has posted mixed numbers, but investors and traders reacted positively by accumulating and showing interest. The net income slipped by 32.82% to 200.80 Million (YoY) and the total revenues by 12.72% to 1.95 Billion, shown below the estimates. However, EPS went up by 19.83%, which is a positive sign.</p> 
<p>The chart shows that the stock has surpassed a major hurdle of $150 which buyers attempted last year. After surpassing $150, finally, the stock is now ready to show a rally in the following sessions. If follow-on buying continues, the stock will try to grab the immediate target of $160.</p> 
<p>The price action favors bulls and indicates a short covering triggered, which gave rise to the massive breakout post the gap-up opening in the last session. Moreover, the sellers were trapped and are now unwinding their positions, whereas buyers made long positions.</p> 
<p>At press time, PKG stock was trading at $152.65 with an intraday gain of 10.08%, showing a massive breakout in yesterday’s session. Moreover, the trading volume surged massively by 13.56% to 2.218, indicating increased investor demand. The market cap of PKG stock is 13.729 Billion.</p> 
<p>Packaging Corporation of America engages in the production of container products. It operates through the following segments: packaging, paper, corporate and others. The packaging segment offers a variety of corrugated packaging products, such as conventional shipping containers.&nbsp;</p> 
<p>The paper segment manufactures and sells a range of papers, including communication-based papers, and pressure-sensitive papers. It also focuses on transportation assets like rail cars and trucks. The company was founded in 1959 and is headquartered in Lake Forest, IL.</p> 
<h2 class="wp-block-heading" id="strong-pkg-stock-shows-massive-surge-on-daily-charts-strong"><strong>PKG Stock Shows Massive Surge On Daily Charts</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh6.googleusercontent.com/66oLOD65HNVl_q01R9KcVnXjGPmt3NHo8jOUb5AyjMIBAHcVEmXNhQ2AUcOWXSyC5P8g_YdbVb_56eFkFNvUWQ02gFZQZD35OZGjE87CivOiimVyGkGpdoE5VxHVLoM_CymC1Vnu3SuGPBuhFbf2Ul0" alt="PKG Stock (NYSE: PKG) Price Surged Amid Mixed Q2 Earnings"> 
  <figcaption class="wp-element-caption">
    Source: PKG Stock Price Chart At TradingView 
  </figcaption> 
 </figure> 
</div> 
<p>On the daily charts, <a href="https://www.thecoinrepublic.com/2023/07/24/bank-of-america-co-bac-stock-positive-earnings-and-dividend/" target="_blank" rel="noopener noreferrer nofollow">PKG stock price gained momentum</a> surpassing the neckline of $150 noted breakout on the charts. The price action favouring further buying and momentum shifts toward bulls. From the start of 2023, PKG stock price has revamped from the bottom of $110 and continues to rise, showing buyers’ accumulation.</p> 
<p>As per the Fib levels, Packaging Corporation of America stock surpassed 61.8% and is now heading toward a significant high of $160. Moreover, it exceeded the upper bollinger band and showed a breakout on the charts.</p> 
<h2 class="wp-block-heading" id="strong-short-term-charts-show-buyers-dominance-strong"><strong>Short Term Charts Show Buyers Dominance</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh4.googleusercontent.com/CzSutPW0dmPEloPdcvgIL0ai4lEH78oshats1URw8EL26gzBNQNawiqqzvVCz1NsAAnZjbLn_gLxuyaqGaF-kVwaIsRV3_FIeyqVWIQpJLs0xOCJvtgqhVOoMSmoREIqMq4KaNiXAxG6UA2XQkJuaIw" alt="PKG Stock (NYSE: PKG) Price Surged Amid Mixed Q2 Earnings"> 
  <figcaption class="wp-element-caption">
    Source: PKG Stock Price Chart At TradingView 
  </figcaption> 
 </figure> 
</div> 
<p>On the 4 hours chart, PKG stock price showed a massive surge beyond the barriers.</p> 
<p>The RSI curve sharply rose toward the overbought zone and noted a positive crossover which indicates a breakout in the last session. Moreover, it indicates buyers’ projections and suggests a further rise.</p> 
<p>The MACD indicator showed a bullish crossover and green bars reflecting bullishness on the charts.</p> 
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4> 
<p>Packaging Corporation of America (PKG stock) showed a massive breakout post a gap up opening, reflecting the sentimental buying after the Q2 earnings results. Moreover, it indicates a further rise in the upcoming sessions.</p> 
<h4 class="wp-block-heading"><strong>Technical Levels:</strong></h4> 
<p>Support Levels: $140</p> 
<p>Resistance Levels:$160&nbsp;</p> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.</p>

PKG Stock (NYSE: PKG) Price Surged Amid Mixed Q2 Earnings

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