Timeframe: Weekly | Scale: Logarithmic
For those tracking the global packaging and consumer goods supply space, EPL Ltd registered a significant higher-timeframe technical breakout this week.
On the weekly logarithmic chart, the stock broke out and closed above a multi-year angular resistance line that has been intact since August 2020. This move effectively completes the resolution of a multi-year symmetrical triangle pattern defined by a series of lower highs and higher lows.
The breakout is supported by clear volume expansion, trading 18.56 million shares this week following weeks of steady accumulation. 🔥
Technical Highlights:
✅ Major Breakout: Cleared & closed above angular resistance active since Aug '20 (Weekly Log Scale).
✅ Pattern: Multi-year symmetrical triangle resolution with rising volume over recent weeks.
✅ Momentum: Short-term EMAs in positive crossover across Daily, Weekly & Monthly. MACD & RSI rising on all timeframes. 🚀
Key Levels to Watch:
🎯 Target: 295 (if breakout holds as support)
🛡️ Support / Invalidation: 240
The higher-timeframe structure is decisively bullish. The primary focus over upcoming sessions will be observing whether price action can establish a strong base above the former 2020 trendline.
Are you tracking setups across the specialty packaging sector? Share your perspective below! 👇
For those tracking the global packaging and consumer goods supply space, EPL Ltd registered a significant higher-timeframe technical breakout this week.
On the weekly logarithmic chart, the stock broke out and closed above a multi-year angular resistance line that has been intact since August 2020. This move effectively completes the resolution of a multi-year symmetrical triangle pattern defined by a series of lower highs and higher lows.
The breakout is supported by clear volume expansion, trading 18.56 million shares this week following weeks of steady accumulation. 🔥
Technical Highlights:
✅ Major Breakout: Cleared & closed above angular resistance active since Aug '20 (Weekly Log Scale).
✅ Pattern: Multi-year symmetrical triangle resolution with rising volume over recent weeks.
✅ Momentum: Short-term EMAs in positive crossover across Daily, Weekly & Monthly. MACD & RSI rising on all timeframes. 🚀
Key Levels to Watch:
🎯 Target: 295 (if breakout holds as support)
🛡️ Support / Invalidation: 240
The higher-timeframe structure is decisively bullish. The primary focus over upcoming sessions will be observing whether price action can establish a strong base above the former 2020 trendline.
Are you tracking setups across the specialty packaging sector? Share your perspective below! 👇
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.