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Possible Bearish Inside Day Candle Pattern Detected for LyondellBasell Industries (NYSE:LYB)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in LyondellBasell Industries (NYSE:LYB) based on the price action in the company's shares. Today's price range of $78.37 and $79.50 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of LyondellBasell Industries may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

LyondellBasell Industries (NYSE:LYB) has potential upside of 35.7% based on a current price of $78.54 and analysts' consensus price target of $106.58. LyondellBasell Industries shares should first meet resistance at the 50-day moving average (MA) of $85.29 and find additional resistance at the 200-day MA of $86.31.

Over the past year, LyondellBasell Industries has traded in a range of $69.10 to $107.32 and is now at $78.54, 14% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 0.4%.

LyondellBasell Industries NV is a manufacturing company. The Company produces chemicals, fuels, and polymers used for packaging, clean fuels, durable textiles, medical applications, construction materials, and automotive parts. LyondellBasell Industries operates globally and is headquartered in the Netherlands.

SmarTrend is monitoring the recent change of momentum in LyondellBasell Industries. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of LyondellBasell Industries in search of a potential trend change.

Keywords: bearish inside day candle lyondellbasell industries

Ticker(s): LYB