• Return to Headlines

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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Lyondellbasell-A (NYSE:LYB) based on the price action in the company's shares. Yesterday's price range of $81.80 and $82.74 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-A 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 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.

There is potential upside of 43.0% for shares of Lyondellbasell-A based on a current price of $82.25 and an average consensus analyst price target of $117.65. The stock should hit resistance at its 200-day moving average (MA) of $84.32, as well as support at its 50-day MA of $80.09.

In the past 52 weeks, shares of Lyondellbasell-A have traded between a low of $68.61 and a high of $104.75 and closed yesterday at $82.25, which is 20% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

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: bullish am inside day candle lyondellbasell-a

Ticker(s): LYB