• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for Lyondellbasell-A (NYSE:LYB)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Lyondellbasell-A (NYSE:LYB) based on the price action in the company's shares. Today's price range of $85.80 and $86.28 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-A may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

LyondellBasell Industries N.V. operates as a chemical company worldwide. The company operates in six segments: Olefins and PolyolefinsÂ?Americas; Olefins and PolyolefinsÂ?Europe, Asia, International; Intermediates and Derivatives; Advanced Polymer Solutions; Refining; and Technology. It produces and markets olefins and co-products; polyethylene products, which consist of high density polyethylene, low density polyethylene, and linear low density polyethylene; and polypropylene (PP) products, such as PP homopolymers and copolymers.

Over the past year, Lyondellbasell-A has traded in a range of $73.94 to $118.71 and is now at $85.80, 16% above that low. The 200-day and 50-day moving averages have moved 0.65% lower and 0.11% lower over the past week, respectively.

Potential upside of 37.1% exists for Lyondellbasell-A, based on a current level of $85.80 and analysts' average consensus price target of $117.65. Lyondellbasell-A shares should encounter resistance at the 200-day moving average (MA) of $90.21 and support at the 50-day MA of $84.97.

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

Keywords: bearish inside day candle lyondellbasell-a

Ticker(s): LYB