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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in LyondellBasell Industries (NYSE:LYB) based on the price action in the company's shares. Yesterday's price range of $84.91 and $85.52 is within the prior day'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. Traders and investors interested in shares of LyondellBasell Industries may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

LyondellBasell Industries share prices have moved between a 52-week high of $107.32 and a 52-week low of $69.10 and closed yesterday at 23% above that low price at $85.28 per share. The 200-day and 50-day moving averages have moved 0.35% lower and 0.37% higher over the past week, respectively.

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.

There is potential upside of 15.1% for shares of LyondellBasell Industries based on a current price of $85.28 and an average consensus analyst price target of $98.19. The stock should find initial resistance at its 50-day moving average (MA) of $85.29 and further resistance at its 200-day MA of $86.31.

SmarTrend recommended that its subscribers protect gains by selling shares of LyondellBasell Industries on March 9th, 2017 by issuing a Downtrend alert when the shares were trading at $89.26. Since that call, shares of LyondellBasell Industries have fallen 4.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle lyondellbasell industries

Ticker(s): LYB