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

By Amy Schwartz

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. Today's price range of $79.29 and $79.76 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. 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.

In the past 52 weeks, shares of LyondellBasell Industries have traded between a low of $69.10 and a high of $107.32 and are now at $79.46, which is 15% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.4% while the 200-day MA has slid 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.

LyondellBasell Industries (NYSE:LYB) has potential upside of 34.1% based on a current price of $79.46 and analysts' consensus price target of $106.58. 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 April 29th, 2016 by issuing a Downtrend alert when the shares were trading at $83.83. Since that call, shares of LyondellBasell Industries have fallen 5.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle lyondellbasell industries

Ticker(s): LYB