LYB closes higher for the 3rd day in a row


LyondellBasell Industries NV Class A (LYB) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team

Highlights

LYB dominated by bulls lifting the market higher throughout the day
LYB closes higher for the 3rd day in a row
LYB pushes through Wednesday's high

Overview

Moving higher for the 3rd day in a row, LYB ended Thursday at 53.93 gaining $1.83 (3.51%), strongly underperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 52.92, the market confirmed its breakout through the prior session high after trading up to $1.57 above it intraday.

Daily Candlestick Chart (LYB as at Mar 26, 2020):

Daily technical analysis candlestick chart for LyondellBasell Industries NV Class A (LYB) as at Mar 26, 2020

Thursday's trading range has been $3.24 (6.32%), that's below the last trading month's daily average range of $5.16. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for LYB.

Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a Bullish Short Candle showed up on December 26, 2019, LYB actually lost -0.77% on the following trading day.

While the share is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.

Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for LyondellBasell. Out of 167 times, LYB closed higher 56.89% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 55.69% with an average market move of 0.78%.


Market Conditions for LYB as at Mar 26, 2020

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