Completing its rebound in the rankings from a spring slide, Chemical producer LyondellBasell (LYB) has returned to the Green Favored Zone of the SIA S&P 500 Index Report for the first time since April. Yesterday it finished in 126th place, up 6 spots on the day and up 50 positions in the last month. LyondellBasell (LYB) shares have been under steady accumulation since bottoming out a year ago, establishing an uptrend of higher lows. Following a winter rally, the shares consolidated their gains through the spring before launching into a new advance with a breakout from a Symmetrical Triangle, which has extended with breakouts over $95.00 and $100.00.
The shares are currently approaching their previous peak near $103.50 where a breakout to a new high would confirm continuing accumulation. Measured moves suggest next resistance on trend after that may emerge near $110.00 and $114.00 on trend. Uptrend support appears near $91.00.
A summer 2022 selloff in LyondellBasell (LYB) shares bottomed out about a year ago, and since then, the shares have resumed their primary uptrend, with consistently higher lows indicating ongoing accumulation. Earlier this summer, LYB broke out of a symmetrical consolidation triangle, plus bullish Double Top and Spread Double Top patterns, signaling the start of a new upleg.
Initial resistance may appear at the June 2022 peak near $107.15, followed by the $120.65 to $123.85 zone where vertical and horizontal counts converge. Initial support appears near $93.25 based on a 3-box reversal.
With a perfect SMAX score of 10, LYB is exhibiting strength across the asset classes.
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