Celanese Corp. - (CE) - June 17, 2022 (Daily Stock Report)

by SIACharts.com

 

 

Chemical and specialty materials producer Celanese Crop. (CE) had only been in the green zone of the SIA S&P 500 Index Report before its relative strength uptrend cracked and it rolled back down into the Yellow Neutral Zone. Yesterday, CE dropped 61 positions to 181st place.

Celanese Corp. (CE), started to struggle about a year ago downshifting from an uptrend to a sideways trend. One breakdown earlier this year was bad enough, but yesterday, the shares staged a second major breakdown taking out a $140 on a jump in volume after faltering at a lower high near $160. Combined these indicators indicate that distribution has accelerated and a new downtrend has started.

The recent $140 breakdown point may reverse polarity to become initial resistance with next potential downside support near $100, a round number and previous support/resistance levelā€™s

 

A major breakdown is underway in Celanese Corp. (CE) shares. After peaking back in January, the shares dropped back in February but had been bouncing back. Earlier this month, the shares peaked at a lower high, a sign of an emerging downtrend and since then, distribution has become more apparent. In the last few days, the shares have completed a series of bearish patterns including a Descending Triangle, a Double Bottom and a Spread Double Bottom, combining to signal the start of a new downtrend.

Based on horizontal counts and previous column highs, next potential downside support may appear near $111.50 and then $105.00 on trend, followed by $100.00 where a long-term support line and a round number converge. Initial upside resistance appears near $135.90 based on a 3-box reversal and a retest of the recent breakdown point.

With a bearish SMAX score of 2, CE is exhibiting weakness against the asset classes.

 

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