LYB closes within prior day's range
LyondellBasell (LYB) Technical Analysis Report for Sep 14, 2018
LYB ended the week -3.06% lower at 105.31 after gaining $0.35 (0.33%) today on high volume. Trading up to $1.18 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Friday's trading range was $2.21 (2.1%), that's slightly above last trading month's daily average range of $2.00. Weekly volatility is also higher, being above the markets average with the monthly volatility being way above average.
Unable to break through the key technical resistance level at 105.41, the stock closed below it after spiking as high as 106.06 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might speed up should prices move above the nearby swing high at 107.49 where further buy stops could get activated.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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