Packaging producer WestRock (WRK) has been soaring up the rankings in the SIA S&P 500 Index Report, climbing 47 spots yesterday and 348 spots in the last month. Yesterday, the shares entered the Green Favored Zone for the first time since the current record started in January of 2016.
WestRock Company (WRK) shares staged a major breakout yesterday, blasting through $35.00 which reverses polarity to become initial support, and snapping a long-term downtrend line. With accumulation accelerating, next potential resistance tests appear near $42.75 and $45.00 based on previous highs, then $46.00 based on a measured move and the $50.00 round number.
Earlier this year, a long-term downtrend in WestRock (WRK) shares finally bottomed out. Coming out of a summer of base-building, the shares have embarked on a new uptrend this month, snapping downtrend lines and completing multiple Double and Spread Double Top patterns.
Next potential upside resistance tests appear near $41.15, $42.85 and $44.55 based on a combination of previous column highs and horizontal counts. Initial support appears near $34.45 based on a 3-box reversal, then $33.10 based on a retest of a recent breakout point.
With a perfect SMAX score of 10, WRK is exhibiting near-term strength across the asset classes.
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