Lyondellbasell IND NV - (LYB) - September 14, 2020

by SIACharts.com

Chemical producer LyondellBasell (LYB) has returned to the Green Favored Zone of the SIA S&P 500 Index Report, after climbing 38 spots on Friday and 78 spots in the last month.

Coming out of a spring recovery rally, LyondellBasell (LYB) shares spent the summer trending sideways with higher lows and lower highs forming a symmetrical consolidation triangle. Earlier this month, the shares broke out over $72.50, completing the triangle and signaling a new advance which continued with Friday’s breakout over $74.00.

Initial upside resistance appears near $85.00 and then the $92.50 to $95.00 area, both zones where previous resistance converges with measured moves from the triangle. Initial support appears near $70.00, then the 50 and 200-day moving averages near $67.50. Also note that the averages are close to making a bullish golden cross which would confirm renewed accumulation.

LyondellBasell shares have been accelerating upwards in recent weeks, first completing a bullish Double Top, then a bullish Double Top. Currently the shares are challenging $75.85 where a breakout would complete a larger bullish spread double top and confirm the start of a new advance.

On a breakout, next potential resistance may appear at a previous column high near $85.45, followed by the $90.65 to $92.50 area where two horizontal counts cluster with a previous peak. Initial support appears near $67.35 where a 3-box reversal and a previous breakout point converge.

With a perfect SMAX score of 10, LYB is exhibiting near-term strength across the asset classes.

 
 

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

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