This 120m chart of SEE is showing what appears to be an ongoing impulsive rally off the October 2018 low. Price bounced from the $30 level to $38 in Wave 1 before a sharp retracement in Wave 2. A parallel trend channel formed by connecting the swing points was broken in February on strong momentum, signaling that the stock may be in an extended Wave 3 move higher. Also, price has reached the typical 161.8% Fibonacci extension target for Wave 3 and remains above the base channel.
We're expecting SEE to continue sideways-to-higher from here as Waves 4 and 5 unfold. Initiating a long position at market with the intention of adding to the trade on pullbacks above the Wave 1 high around $38.
We're expecting SEE to continue sideways-to-higher from here as Waves 4 and 5 unfold. Initiating a long position at market with the intention of adding to the trade on pullbacks above the Wave 1 high around $38.