Huntsman Squeezes at Potentially Key Level

NYSE:HUN   Huntsman Corporation
Chemical maker Huntsman might not be the kind of stock traders often watch, but it has some potentially interesting chart patterns.

First is the level around $33.50, near the highs in November. Prices have been holding it in recent weeks as the broader market tumbled. Is old resistance becoming new support?

Second the current range is turning into a triangle. Also notice how Bollinger Bandwidth has squeezed as movement narrows. Today it’s trying to escape the pattern.

Third, HUN has been consolidating above its 200-day simple moving average ( SMA ).

Fourth, MACD has started rising this month.

Finally, the stock has limped since an activist-investor raid failed on March 25. But it jumped on strong earnings the last two quarters. Management cited “higher selling prices” for its products in the April 28 release. Inflation isn’t bad news for all companies, it seems.

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