andrew.berg
Short

Lyondellbasell is heading lower to major support

NYSE:LYB   LYONDELLBASELL INDUSTRIES N V
Fundamentals:
LyondellBasell Industries N.V. operates as a manufacturer of chemicals and polymers, refiner of crude oil             , producer of gasoline blending components, and developer and licensor of technologies for production of polymers.
The Gulf Coast petrochemical boom and Chinese expansion are leading to an oversupply of the world’s two most common plastics, polyethylene and polypropylene, which will result in falling prices and profits as well as delays and cancellations of plans to build or expand petrochemical plants. LyondellBasell have multi-billion-dollar Gulf coast expansion projects underway, with many planned for completion in a year or so.

Technicals:
Major pattern is descending triangle, series of lower highs tell us about weakness. Price ignored recent rally on market and now is flagging below all key moving averages . Looks like it is heading for a test of major support at $72. Break and hold below can squeez some longs for further downside movement.

Trade and Risk Management:
Break and close below $80 will trigger entry Short with Stop above $85. Target is twice further than size of our stop, which make this trade very attractive.


Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out