LYB breaks below previous session low
LyondellBasell (LYB) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, LYB ended Thursday at 114.15 losing $1.38 (-1.19%) on low volume. Today's closing price of 114.15 marks the lowest close since June 4th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Wednesday's low at 115.42, LyondellBasell confirms its breakout through the previous session's low having traded $1.53 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (LYB as at Jun 14, 2018):
Thursday's trading range was $2.05 (1.77%), that's slightly below last trading month's daily average range of $2.19. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way below average.
Prices are trading close to a key support level at 113.53.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
As prices are trading close to June's low at 112.45, downside momentum might accelerate should the stock mark new lows for the month.