Sonoco is a multi-billion dollar global provider of consumer packaging, industrial products, protective packaging and packaging supply chain services.
In the past few sessions, Sonoco Products Company shares have suffered from a sharp fall and is now coming back on significant level support.

According to Surperformance rating, the company is a good opportunity in trading strategy. Indeed, it is a good compromise between its value and its visibility.

Technically, the security fell sharply for several weeks. This fall has lead Sonoco Products Company towards the USD 29.7 support area which could become useful as a stepping stone for a technical rebound. The target of this bullish trend is the USD 31.7 resistance. Even though moving averages are still in a bearish trend, the oversold situation could encourage a renewed interest in Sonoco Products Company.

Therefore, the proximity of the USD 29.7 support is an opportunity for active investors to take a long position in Sonoco Products Company. The first goal is a return in the USD 30.4 resistance area. In fact, the security has to cross this area in order to re-establish a bullish trend in the short term toward the USD 31.7 resistance. A stop loss order can be placed under the support currently tested.