Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
Celanese stock (CE) price surpassed the hurdle of $120, forming a cup and handle pattern whose neckline was broken out in the last trading session with a massive volume surge. In the previous session, there was a gap-up opening noted on the charts, and buyers lifted it up without retracement, showing a rise in demand and interest.
Moreover, CE stock closed above the upper bollinger band and showed a breakout on the charts with strong conviction. If follow-on buying arises in the stock, it will retest $130. Furthermore, the chart structure shows a positive outlook and favors the bulls.
From the start of 2023, CE stock was trading in a downtrend and continued to sink from the top of $130. Last month, the stock pulled back from the demand zone near $100 jumping back into action. This way, the stock entered above the neutral range and tried to retest $130.
Furthermore, Citigroup revised the targets from $119 to $123 and maintained a neutral rating on the stock.
According to Barron’s, ‘Celanese Corp. engages in the provision of technology and specialty materials businesses. It operates through the following segments: Engineered Materials, Acetate Tow, Acetyl Chain and Other Activities. The Engineered Materials segment includes the engineered materials business, food ingredients business and certain strategic affiliates.’
The Acetate Tow segment serves consumer-driven applications and is a global producer and supplier of acetate tow and acetate flake used in filter products applications.
At press time, CE stock is trading at $121.82 with an intraday gain of 2.63% showing bullishness on the charts.
CE Stock Show Range Breakout on Daily Charts
On the daily charts, CE stock has escaped its crucial hurdle of $120 and is sustaining above it. Furthermore, the price trades above the key moving averages, and a golden crossover was noted in the past sessions. The sellers were trapped, and a short covering move triggered a buying spree.
As per the Fib levels, CE stock escaped above the 61.8% level above $120, heading towards $125, followed by $130 in the next sessions. Moreover, the technical parameters suggest a strong buy rating on the stock.
What the Technical Indicators Say
On the 4-hour charts, CE stock showed a range breakout and formed a bullish marubozu candle in the last session. Furthermore, the leading indicators signalled bullishness, and that further buying can be seen in the upcoming session.
The RSI curve is near 60 in the overbought zone and shows the bulls’ dominance on the charts. Moreover, a positive crossover was noted, which signals further trend extension.
The MACD indicator also formed a bullish crossover and persisted in creating green bars, which showed a positive outlook on the charts.
Conclusion:
Celanese stock (CE) price surpassed multiple hurdles, and is trading above the key MA showing bullishness on the charts. Moreover, further buying can be witnessed as per the trend setup.
Technical Levels:
Support Levels: $100
Resistance Levels:$130
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/07/13/celanese-stock-nyse-ce-shows-range-breakout-above-120/