Lyondellbasell Industries N.V. - (LYB) - February 14, 2023 (Daily Stock Report)

by SIACharts.com

Chemical producer LyondellBasell Industries (LYB) started climbing back up the rankings in the SIA S&P 500 Index Report back in October. Its relative strength has really started to increase since it exited the red zone at the start of this year and yesterday it returned to the Green Favored Zone for the first time since June. LYB is currently in 119th place, up 6 spots so far this week and up 103 positions in the last month.

A major breakout is underway in LyondellBasell Industries (LYB) shares. Between June and December, the shares completed a bullish Head and Shoulders base between $70.00 and $90.00. In January, the shares blasted through the $90.00 neckline, successfully retested that breakout point as new support, and launched up through $100.00. Also, its 50 and 200-day moving averages have completed a bullish Golden Cross, confirming the start of a new uptrend.

A measured move from the base and a previous peak align near $110.00 to provide initial resistance with a double count and a round number converging in the $125.00 to $130.00 area. Initial support has moved up from $90.00 toward $95.00.

After bottoming out in September, LyondellBasell Industries (LYB) spent the last few month of 2022 building a base for recovery. This year, the shares have broken out and launched into a new recovery trend, completing bullish Triple Top and Spread Double Top breakouts, snapping a downtrend line, regaining $100.00, and extending the current rally into a bullish High Pole. Also, on a 1% chart, LYB recently completed a Bullish Catapult breakout.

Initial upside resistance appears at the June peak near $111.45, followed by $115.95 which is based on a horizontal count. Initial support appears near $93.25 based on a 3-box reversal.

With a bullish SMAX score of 9, LYB is exhibiting strength against 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.

Total
0
Shares
Previous Article

U.S. inflation eases less than anticipated in January, highlighting ongoing economic challenges.

Next Article

Net-Zero by 2050? What exactly does it mean for investors?

Related Posts
Subscribe to AdvisorAnalyst.com notifications
Watch. Listen. Read. Raise your average.