LYB closes above its opening price after recovering from early selling pressure


LyondellBasell (LYB) Technical Analysis Report for Apr 16, 2018 [1 min read]
Highlights
LYB closes above its opening price after recovering from early selling pressure
LYB finds buyers at key support level
LYB pushes through 20-day moving average
LYB rises to highest close since April 5th
LYB stuck within tight trading range
TQ Sentiment
Report Sentiment: 37% Bullish
Technical Forecast:
Overview

LYB finished Monday at 104.54 gaining $1.50 (1.46%). Today's closing price of 104.54 marks the highest close since April 5th. Trading up to $0.67 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for LYB
Volatility

Monday's trading range was $1.74 (1.67%), that's below last trading month's daily average range of $2.96. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being way above average. Prices continued to consolidate within a tight trading range between 102.63 and 105.25 which it has been in now for the last three days.

Support/Resistance

After trading as low as 103.51 during the day, the market bounced off the key support level at 103.78. The failure to close below the support might increase that levels importance as support going forward.

Trend

The share shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish. LYB managed to break above the 20-day moving average at 104.31 today for the first time since March 21st.

Order Flow

Selling could speed up should prices move below the close-by swing low at 102.63 where further sell stops might get triggered. As prices are trading close to April's high at 105.95, upside momentum could accelerate should the stock mark new highs for the month.

Conclusion

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

Market Conditions for LyondellBasell
ConditionForecastDirectionWinAvgWorstBestEvents
Close to Swing Low TQ Pro Members Only
High close to previous High TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
Bearish Hikkake Pattern TQ Pro Members Only
More market conditions identified for TQ Pro members...
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