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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 $82.32 and $82.99 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-A share prices have moved between a 52-week high of $98.91 and a 52-week low of $68.61 and are now trading 21% above that low price at $82.69 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.7% while the 200-day MA has remained constant.

LyondellBasell Industries N.V. manufactures plastic, chemical, and fuel products. The Company offers products for the manufacturing of personal care products, fresh food packaging, lightweight plastics, construction materials, automotive components, durable textiles, medical applications, and biofuels. LyondellBasell Industries markets its products worldwide.

Lyondellbasell-A (NYSE:LYB) has potential upside of 42.3% based on a current price of $82.69 and analysts' consensus price target of $117.65. Lyondellbasell-A shares should first meet resistance at the 200-day moving average (MA) of $85.72 and find additional resistance at the 50-day MA of $88.56.

SmarTrend is tracking the current trend status for Lyondellbasell-A and will alert subscribers who have LYB in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle lyondellbasell-a

Ticker(s): LYB