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Monthly Pattern:Descending Triangle
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Chart Analysis and Chart Pattern Recognition – Descending Triangle Pattern

The descending triangle is a variation of a symmetrical triangle formation that has a flat support line and a falling resistance line. The lower highs indicate the decreasing demand and give the descending triangle definitive bearish bias. The descending triangle usually represents a distribution stage in bearish market. The descending triangle is considered as a continuation pattern, especially in a downtrend, but it may also mark a reversal in an uptrend. Volume usually increases on trend support resistance breakout. After breakout (similar to rectangle), support may turn into potential resistance and vice versa.
Descending Triangle Screening page presents a list of stocks forming Descending Triangle Pattern.
Tips:
# 1 As a continuation pattern, descending triangle usually appears within a young trend, characterized by neutral long-term indicators and oversold short-term indicators. Descending triangle resets short-term indicators to neutral and then continues the movement in parent's direction.
# 2 As a reversal formation, descending triangle appears in a mature uptrend, characterized by overbought long-term and short-term indicators. This situation usually generates bearish divergence on long-term indicators.
# 3 For the best results, chart patterns should be considered together with other technical analysis signals and technical trading techniques.
Estimated Target: the main trend support/resistance level. line.

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- 3/15/2024 -
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LyondellBasell (LYB) Technical Analysis

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Summary:
Weekly :Overbought sectorLane's Stochastic is overbought
Daily :Broken trend resistance line
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It was a first positive week for the LyondellBasell (LYB). During the week, the LYB climbed 0.97 points, or 0.98%, and closed at 99.91 on Friday, March 15, 2024. Weekly volume was 38% above average.

LYB is a member of Materials Sector. Materials is the most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.

Long-term trend: [See LYB long-term trend chart]
A long-term downtrend had started on June 3, 2021 at 118.02 and reached 71.46 on September 23, 2022. LYB lost 46.56 points, or 39.45%, in 68 weeks. The chart has formed a Broadening Right-Angled, Descending Wedge chart pattern. The trend support level is at 48.29 and resistance is at 115.78. A Broadening Descending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Right-Angled, Descending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Right-Angled, Descending Wedge pattern in a long-term trend.

Medium-term trend: [See LYB medium-term trend chart]
A medium-term uptrend had started on September 23, 2022 at 71.46 and reached 102.93 on March 4, 2024. LYB gained -31.47 points, or -44.04%, in 75 weeks. The chart has formed a Ascending Triangle chart pattern. The trend support level is at 94.95 and resistance is at 102.72. An Ascending Triangle is a variation of triangle formation that has a flat resistance line and rising support line. The higher lows indicate an increasing demand and give the ascending triangle definitive bullish bias. An Ascending Triangle usually represents an accumulation stage in bullish market. An Ascending Triangle is considered to be a continuation pattern, especially in an uptrend, but it may also mark a reversal in a downtrend. Use the following link to access a Ascending Triangle chart pattern help, or use a Technical Stock Screener to see the list of stocks with Ascending Triangle pattern in a medium-term trend.

Weekly Technical Indicators: [See LYB weekly technical indicators chart]
Weekly Lane's Stochastic is overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Lane's Stochastic. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Lane's Stochastic help.

The weekly MACD line is above its signal line since February 9, 2024. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is relatively high and getting bigger. It indicates that the current medium-term uptrend is strong. Use the following link to access a MACD help.

Short-term trend: [See LYB short-term trend chart]
A short-term uptrend had started on December 13, 2023 at 90.60 and reached 102.93 on March 4, 2024. LYB gained -12.33 points, or -13.61%, in 82 days. The chart has formed a Symmetric Triangle chart pattern. The uptrend resistance line (92.69) is broken. Usually a broken resistance is considered to be a long-term bullish signal, although a short-term pull back is possible. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a short-term trend.

Daily Technical Indicators: [See LYB daily technical indicators chart]
Daily technical indicators are neutral.

The daily MACD line is below its signal line since March 13, 2024. The distance between MACD and the signal line is low, but getting bigger.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 54.37
Williams' Percentage Range (W%R) 49.80
Lane's Stochastic (%D-Slow) 45.28
Greed/Fear Indicator (GFI) 49.96
Moving Average Converg./Diverg. (MACD) 1.24
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 66.35
Williams' Percentage Range (W%R) 23.70
Lane's Stochastic (%D-Slow) 81.02
Overbought
Greed/Fear Indicator (GFI) 70.61
Moving Average Converg./Diverg. (MACD) 0.74
Trading Signals
Description Value Chart
Yearly Trendline Resistance 115.78
Parabolic System 102.96
Quarterly Trendline Resistance 102.72
Upper Bollinger Band 101.95
Weekly Stochastic Crossing 101.02
Daily Stochastic Crossing 100.56
Price 99.91
20 Day Moving Average 99.45
Monthly Trendline Resistance 96.72
50 Day Moving Average 96.63
Lower Bollinger Band 96.40
Quarterly Trendline Support 94.95
Weekly Trendline Resistance 93.37
Monthly Trendline Support 93.05
Weekly Trendline Support 92.69
Sector and Industry
Description Name Rank
Sector Materials 10
Industry Specialty Chemicals 42
Daily Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Low 91.50
Low Date 02/02/2024
High 102.93
High Date 03/04/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Symmetric Triangle
Status Broken Resistance
Resistance 93.37
Support 92.69
Low 90.60
Low Date 12/13/2023
High 102.93
High Date 03/04/2024
Description Value
Direction Up
Chart Pattern Symmetric Triangle
Status Broken Resistance
Resistance 96.72
Support 93.05
Low 88.46
Low Date 10/27/2023
High 102.93
High Date 03/04/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Ascending Triangle
Status Valid
Resistance 102.72
Support 94.95
Low 71.46
Low Date 09/23/2022
High 102.93
High Date 03/04/2024
Description Value
Direction Down
Chart Pattern Broadening Right-Angled, Descending Wedge
Status Valid
Resistance 115.78
Support 48.29
High 118.02
High Date 06/03/2021
Low 71.46
Low Date 09/23/2022
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.