[BEARISH]: Pact has formed a new Evening Star pattern.
This is a three-candlestick pattern signalling a major top reversal. It is composed of a white candlestick followed by a short candlestick which characteristically gaps up to form a star. Then we have a third black candlestick whose closing is well into the first session’s white body. This is a meaningful top pattern.
Calculation: Evening Star Candlestick Pattern:
1) The market is characterized by a prevailing uptrend;
2) We see a white candlestick on the first day;
3) Then we see a short candlestick on the second day that gaps in the direction of the uptrend;
4) A black candlestick is observed on the third day;
PROFILE: Pact (PGH.AX)
Stock Exchange: ASX
Ticker Codes: | PGH.AX | ASX:PGH |
Pact Group Holdings Ltd manufactures and supplies rigid plastics and metal packaging in Australia, New Zealand, China, the Philippines, Singapore, Indonesia, Thailand, and the United States. The company operates in two segments, Pact Australia and Pact International. It primarily converts plastic resin and steel into rigid packaging and other products for customers in the food and beverage, personal care, household consumer, industrial and chemical, materials handling, infrastructure, agricultural, and other sectors. The company's products comprise yoghurt containers, cream and ice-cream containers, milk and beverage bottles, margarine tubs, food jars, meat and bakery trays, cubes, pails, tubes and cartridges, bottle caps and closures, and other customized packaging; steel drums, tinplate pails, and other metal containers; and plastic material handling, industrial, and technical products, as well as sustainability products and services. In addition, it offers materials handling solutions and associated services; contract manufacturing services for pharmaceutical and aerosol based products; recycling services; and crate pooling and hire services. Pact Group Holdings Ltd was founded in 2002 and is headquartered in Richmond, Australia.
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