LYB closes within prior day's range

LyondellBasell (LYB) Technical Analysis Report for Sep 14, 2018

Highlights

LYB closes above its opening price after recovering from early selling pressure
LYB unable to break through key resistance level
LYB closes within previous day's range
LYB ends the day indecisive

TQ Sentiment

Report Sentiment: 0% Neutral
Technical Forecast:

Overview

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.

Daily chart for LYB

Volatility

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.

Support/Resistance

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.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Order Flow

Buying might speed up should prices move above the nearby swing high at 107.49 where further buy stops could get activated.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for LyondellBasell

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Latest Report:

LYB breaks below prior session low

Sep 18, 2018
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