Resistance

Million

Daily

Gains

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>PKG stock registered a range breakout above $150 in the past sessions.</a> </li> 
 <li> <span>2</span> <a>PKG stock delivered a gap-up move and persisted in extending the gains.</a> </li> 
</ul> 
<p>Packaging Corporation of America (PKG stock) price surpassed the resistance mark of $150 and shows the past sessions witnessed strong buying pressure. This upward move arose after the Q2 earnings results, which were above the estimates and led to an enormous surge in price.&nbsp;</p> 
<p>PKG stock has published mixed numbers. Net income slipped by 32.82% to 200.80 Million (YoY) and the total revenues by 12.72% to 1.95 Billion. However, EPS went up by 19.83%, which is a positive sign.</p> 
<p>Moreover, follow-on buying was noted beyond the breakout, showing that sellers are covering their positions and leading the stock rally. Furthermore, the uptrend will likely be extended toward the trajectory of $165, followed by $180 for the upcoming sessions.</p> 
<p>The price action indicates bullishness, and buyers are gaining traction showing aggressive buying moves. However, sellers are willing to retest the gap near $140 soon.</p> 
<p>At press time, PKG stock was trading at $152.82 with an intraday gain of 0.26%, showing neutral moves in yesterday’s session. Moreover, the trading volume remained average at 560K. The market cap of PKG stock is 13.743 Billion.</p> 
<p>Packaging Corporation of America is engaged 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-bullishness-on-daily-chart-strong"><strong>PKG Stock Shows Bullishness On Daily Chart</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh3.googleusercontent.com/i0gJPv6Un68KRldbWOXftzatjoVS1WnfVOjEsD7jzxGQ-uyKgSviEjgpLnjZ9jH9AZidvs1NN6YXWs7ov528UwOMNGR08xkZ_4PlNbFb-LT-uzhP5D-16ZfroiWLlrEeoBYJTb7HUXh5ROHITt6v5Q" alt="Will PKG Stock (NYSE: PKG) Sustain The Gains Above $150?"> 
  <figcaption class="wp-element-caption">
    Source: PKG Stock Price Chart At TradingView 
  </figcaption> 
 </figure> 
</div> 
<p>On the daily chart, PKG stock shows a range breakout above $150 where it stayed, spreading the gains. Furthermore, the chart shows a bullish marubozu candlestick, indicating buyers’ strength and a further rise in the upcoming sessions.</p> 
<p>As per the technicals, <a href="https://www.thecoinrepublic.com/2021/02/06/bitcoin-cash-price-analysis-bch-showcasing-the-bullish-momentum-after-sustaining-above-20-dma/" target="_blank" rel="noopener noreferrer nofollow">PKG stock is trading</a> in the overbought zone, and shifting in momentum was witnessed. Buyers are straining to stretch the gains further beyond the limits. The price is trading on the verge of the upper bollinger band and looking for further breakout.</p> 
<h2 class="wp-block-heading" id="strong-what-technical-indicators-suggest-about-pkg-stock-strong"><strong>What Technical Indicators Suggest About PKG stock</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh4.googleusercontent.com/2PRFhpySLS4ArMYAA64TSjj0MKuFCGSbbMOxq7R4JLqhU1RZ-Bgj3FJIQWvKkgCsr26Ceici0tfdVRd9D0xKT-uYmdp0x3MTJRHbIZu73p8at-Q6e_qTMRdNirLS18_dUXglIyHHQV7k7M7wID21Og" alt="Will PKG Stock (NYSE: PKG) Sustain The Gains Above $150?"> 
  <figcaption class="wp-element-caption">
    Source: PKG Stock Price Chart At TradingView 
  </figcaption> 
 </figure> 
</div> 
<p>On the 4-hour charts, PKG stock trades beyond the significant moving averages and feeds the gains on the top, indicating buyers’ projections.</p> 
<p>The RSI curve noted a slight decline from the top and remained in the overbought zone stating a positive crossover which implies bullishness on the charts.&nbsp;</p> 
<p>Moreover, the recent gap-up activity suggests that fresh buying was triggered, signalling bullish cues for the following sessions.</p> 
<p>The MACD indicator exhibited a bullish crossover and green bars reflecting bullishness on the charts.</p> 
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4> 
<p><a href="https://www.thecoinrepublic.com/2021/02/06/bitcoin-cash-price-analysis-bch-showcasing-the-bullish-momentum-after-sustaining-above-20-dma/" target="_blank" rel="noopener noreferrer nofollow">Packaging Corporation of America (PKG stock)</a> piloted a giant breakout post a gap-up opening, and follow-on buying raised the bullish move toward further delights.</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>

Will PKG Stock (NYSE: PKG) Sustain The Gains Above $150?

Table of Contents

Thecoinrepublic.com

Other articles published on Jul 29, 2023

Bitcoin Price Analysis: Orbiting 29318 Technicals - 30 July 2023

Ripple’s Strategic Focus on Over 20 Central Bank Partnerships Sparks XRP’s Potential Surge to $20

Court Settlement Sparks Celsius Network (CEL) Recovery?

Apple Inc. Steers Clear Off Mentioning AI, What’s Brewing?

Shiba Inu Surges as Shark and Dolphin Wallets Accumulate $9M in 8 Weeks

DOGE Army Intrigued As Elon Musk Tweets "Something Special Coming Soon"

Join our free newsletter for daily crypto updates!