Bemis Company, Inc. invents, designs, and manufactures packaging
products in North America, Latin America, Europe, and the Asia-Pacific.
It operates through two segments, U.S. Packaging and Global Packaging.
The company offers multilayer polymer, blown, and cast film structures
to produce packaging for food, personal care, medical, pharmaceutical,
electronics, industrial, and other consumer goods applications. It
distributes its products through its direct sales force. The company was
formerly known as Bemis Bro. Bag Company and changed its name to Bemis
Company, Inc. in 1965. Bemis Company, Inc. was founded in 1858 and is
based in Neenah, Wisconsin.
Take a look at the 1-year chart of Bemis (NYSE: BMS) below with added notations:
After rallying into 2015, BMS started trading sideways over the
following 6 months. While in the sideways move, the stock has formed a
common pattern known as a rectangle. A minimum of (2) successful tests
of the support and (2) successful tests of the resistance will give you
the pattern.
BMS’s rectangle pattern has formed a resistance at $47 (red) and a
$43 support (green). At some point the stock will have to break one of
the two levels.
The Tale of the Tape: BMS is trading within a rectangle
pattern. The possible long positions on the stock would be either on a
pullback to $43 or on a breakout above $47. The ideal short opportunity
would be on a break below $43.
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