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Uptrend ExhaustionArchive
- 5/10/2024 -
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LyondellBasell (LYB) Technical Analysis
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| Summary:
| | Weekly : | | Daily : 
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| | It was a first positive week for the LyondellBasell (LYB). During the week, the LYB gained 2.25 points, or 2.27%, and closed at 101.37 on Friday, May 10, 2024. Weekly volume was 16% 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 45.85 and resistance is at 115.66. 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 trend support level is at 97.33 and resistance is at 102.93. 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.
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 low and getting smaller. It indicates that the current medium-term uptrend is getting weak. 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 May 2, 2024 at 98.49 and reached 107.02 on May 8, 2024. LYB gained -8.53 points, or -8.66%, in 6 days. The price is now at the 66.24% retracement level.
Daily Technical Indicators: [See LYB daily technical indicators chart]
Daily technical indicators are neutral.
During the last week, daily MACD line has moved above its signal line. Such crossover is considered a bullish signal.
During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.
During the last week, the price has moved above the moving average in the center of the Bollinger Bands. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.
Price is close to the 50 Day Moving Average. 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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