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Uptrend ExhaustionArchive
- 4/19/2024 -
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LyondellBasell (LYB) Technical Analysis
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| Summary:
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| | It was the negative week for the LyondellBasell (LYB). During the week, the LYB gave back -0.79 points, or -0.78%, and closed at 100.74 on Friday, April 19, 2024. Weekly volume was -10% below 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 46.79 and resistance is at 115.70. 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 106.69 on April 4, 2024. LYB gained -35.23 points, or -49.30%, in 79 weeks. The chart has formed a Ascending Triangle chart pattern. The trend support level is at 96.42 and resistance is at 102.85. 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 technical indicators are neutral. During the last week, weekly Lane's Stochastic signal line (%D) has moved below overbought area. Such crossover is considered a bearish signal. 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. 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 106.69 on April 4, 2024. LYB gained -16.09 points, or -17.76%, in 113 days. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 92.90 and resistance is at 108.25. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a short-term trend.
 Daily Technical Indicators: [See LYB daily technical indicators chart]
Daily Williams' Percentage Range and Lane's Stochastic are oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold Williams' Percentage Range and Lane's Stochastic. Use the following link to access Williams' Percentage Range help.
The daily MACD line is below its signal line since April 10, 2024. The distance between MACD and the signal line is relatively high and getting bigger.
During the last week, the 20 Day Moving Average has advanced above the 50 Day Moving Average. Such crossover is considered a bullish signal. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.
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