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Relative Strength Packaging and Materials Name Nears Breakout

by | Jan 4, 2024

Packaging Corp (PKG) shares closed strong on Thursday in a weak tape as the more defensive groups outperformed and PKG is coiling tight in a bullish flag with the Bollinger band width very narrow and a breakout above the monthly value area of 166 likely to bring a surge higher with 170 a natural first target. A stronger upside move can see the 177-extension target hit. PKG is one of the best quality names in its sector for 2024 and a bigger picture monthly chart breakout to new highs can last much longer than just January.

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