LYB is poised for a contrarian breakout
Based upon the analysis above in LYB, traders should make sure that their portfolio can handle increased risk from a new trade. Also be sure that LYB adds diversification to your current account. Lastly, good traders note how a new addition relates to not just their portfolio but the rest of the market action as well. For example, take a look at the S&P 500. Is it trending higher or lower? Has it recently broken through a key resistance or support level? Be sure to coincide your trading actions on LYB in relation to the overall market as well.
Currently the proprietary sentiment levels, analysed by Traders For Wealth, have shown an increasingly negative bias toward LYB. However, the price action in LYB has been moving up in value. This could be a contrarian sign to traders for a potential reversal. Traders should view this as a bullish contrarian trade and make sure it aligns with the market and their portfolio.
Lyondellbasell Industries Nv (LYB)
LyondellBasell Industries N.V. is a global chemical company. The Company’s segments include Olefins and Polyolefins-Americas (O&P-Americas), Olefins and Polyolefins-Europe, Asia, International (O&P-EAI), Intermediates and Derivatives (I&D), Refining, and Technology. Its O&P-Americas segment produces and markets olefins, including ethylene and ethylene co-products, and polyolefins. Its O&P-EAI segment produces and markets olefins, including ethylene and ethylene co-products, polyolefins and specialty products, including polybutene-1 and polypropylene compounds. Its I&D segment produces and markets propylene oxide and its co-products and derivatives, acetyls, including methanol, and ethylene oxide and its derivatives. Its Refining segment refines high-sulfur crude oil and other crude oils, including gasoline and distillates. Its Technology segment develops and licenses chemical, polyolefin and other process technologies, and also develops, manufactures and sells polyolefin catalysts.