Clearwater Paper Corp

Price is in a decisive lockout rally, tightly tracking above rising 9/20 EMAs on expanding volume, confirming Stage 2 bullish structure. Medium-term continues higher with HH/HL structure and pattern-driven urgency. Long-term remains bearish below the 200 DMA, but the current momentum and forced participation justify immediate participation. Expect optimal entries on shallow pullbacks toward the EMAs while monitoring overbought and 200 DMA resistance levels.

• ↑Q4 2025 adjusted EBITDA rose to $107M on $50M in fixed cost reductions
• ↑Shipments grew 8% YoY, driven by strengthened food service backlogs
• ↓Net sales fell 5% YoY as average price realizations dropped 9%