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Archive
- 6/7/2024 -
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LyondellBasell (LYB) Technical Analysis
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| Summary:
| | Weekly :   | | Daily :
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| | It was the negative week for the LyondellBasell (LYB). During the week, the LYB dropped -3.36 points, or -3.38%, and closed at 96.06 on Friday, June 7, 2024. LYB was trading at average weekly trading volume.
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 44.66 and resistance is at 115.59. 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 107.02 on May 8, 2024. LYB gained -35.56 points, or -49.76%, in 84 weeks. The chart has formed a Ascending Triangle chart pattern. The uptrend support line (98.49) is broken. Usually a broken support is considered to be a long-term bearish signal, but since daily indicators are oversold a short-term pull back is possible. LYB may retest the broken support line. It is considered to be a resistance line now. 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 support in a medium-term trend.
 Weekly Technical Indicators: [See LYB weekly technical indicators chart]
Weekly Lane's Stochastic is oversold. Use the Technical Stock Screener to see the list of stocks with weekly oversold 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 below its signal line since May 17, 2024. The distance between MACD and the signal line is relatively high and getting bigger. Use the following link to access a MACD help.
 Short-term trend: [See LYB short-term trend chart]
A short-term downtrend had started on May 8, 2024 at 107.02 and reached 94.16 on June 5, 2024. LYB lost 12.86 points, or 12.02%, in 28 days. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 93.25 and resistance is at 98.70. Use the following link to access a Broadening Descending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Descending Wedge pattern in a short-term trend.
 Daily Technical Indicators: [See LYB daily technical indicators chart]
Daily Lane's Stochastic is oversold while Williams' Percentage Range is strongly oversold. Use the Technical Stock Screener to see the list of stocks with oversold daily Lane's Stochastic or strongly oversold daily Williams' Percentage Range. Use the following link to access Williams' Percentage Range help.
The daily MACD line is below its signal line since May 17, 2024. This is an indication that the short-term trend is down.
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