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

By Amy Schwartz

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 $83.43 and $85.08 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.

Lyondellbasell-A has overhead space with shares priced $84.40, or 28.3% below the average consensus analyst price target of $117.65. Lyondellbasell-A shares should encounter resistance at the 200-day moving average (MA) of $84.46 and support at the 50-day MA of $79.96.

In the past 52 weeks, shares of Lyondellbasell-A have traded between a low of $68.61 and a high of $113.24 and are now at $84.40, which is 23% above that low price. The 200-day and 50-day moving averages have moved 0.39% lower and 0.99% lower over the past week, respectively.

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