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

By Shiri Gupta

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. Yesterday's price range of $51.86 and $53.24 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. 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 has overhead space with shares priced $55.47, or 52.9% below the average consensus analyst price target of $117.65. The stock should find initial resistance at its 50-day moving average (MA) of $64.97 and further resistance at its 200-day MA of $81.44.

Over the past year, Lyondellbasell-A has traded in a range of $33.71 to $98.91 and closed yesterday at $55.47, 65% above that low. The 200-day and 50-day moving averages have moved 0.63% lower and 2.78% lower over the past week, respectively.

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.

SmarTrend recommended that subscribers consider buying shares of Lyondellbasell-A on March 25th, 2020 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $49.66. Since that recommendation, shares of Lyondellbasell-A have risen 4.0%. We continue to monitor LYB for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle lyondellbasell-a

Ticker(s): LYB