Huntsman Squeezes at Potentially Key Level
Chemical maker Huntsman might not be the kind of stock traders often watch, but it has some potentially interesting chart patterns.
First is the level around $33.50, near the highs in November. Prices have been holding it in recent weeks as the broader market tumbled. Is old resistance becoming new support?
Second the current range is turning into a triangle. Also notice how Bollinger Bandwidth has squeezed as movement narrows. Today it’s trying to escape the pattern.
Third, HUN has been consolidating above its 200-day simple moving average (SMA).
Fourth, MACD has started rising this month.
Finally, the stock has limped since an activist-investor raid failed on March 25. But it jumped on strong earnings the last two quarters. Management cited “higher selling prices” for its products in the April 28 release. Inflation isn’t bad news for all companies, it seems.
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First is the level around $33.50, near the highs in November. Prices have been holding it in recent weeks as the broader market tumbled. Is old resistance becoming new support?
Second the current range is turning into a triangle. Also notice how Bollinger Bandwidth has squeezed as movement narrows. Today it’s trying to escape the pattern.
Third, HUN has been consolidating above its 200-day simple moving average (SMA).
Fourth, MACD has started rising this month.
Finally, the stock has limped since an activist-investor raid failed on March 25. But it jumped on strong earnings the last two quarters. Management cited “higher selling prices” for its products in the April 28 release. Inflation isn’t bad news for all companies, it seems.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. You Can Trade, Inc. is also a wholly owned subsidiary of TradeStation Group, Inc., operating under its own brand and trademarks. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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