Celanese Corporation (NYSE: CE)

Celanese Corporation, a technology and specialty materials company, manufactures and sells value-added chemicals, thermoplastic polymers, and other chemical-based products worldwide. The company’s Advanced Engineered Materials segment develops, produces, and supplies speciality polymers for use in automotive, medical, and electronics products. Its Consumer Specialities segment provides cellulose acetate flakes, films, and tows for use in filter products applications. The company’s Industrial Specialties segment produces emulsions and ethylene vinyl acetate (EVA) performance polymers. Its Acetyl Intermediates segment offers acetyl products, including acetic acids, vinyl acetate monomers, acetic anhydride, and acetate esters for use as starting materials for colorants, paints, adhesives, coatings, and pharmaceuticals. The company also provides organic solvents and intermediates for pharmaceutical, agricultural, and chemical products.
Take a look at the 1-year chart of Celanese (NYSE: CE) with the added notations:

CE has formed a key level of support at $57.50 (blue), which was also an important resistance level prior. In addition, the stock has created a down trending resistance starting from the beginning of July (red). The stock has just recently hit the resistance and appears to be headed back down to support. At some point, CE will have to either break support or break its string of lower highs.

The Tale of the Tape: CE has formed a key support and down trending resistance. Long trades could be made on either a pullback to $57.50 or on a break through the down trendline. Short trades could be made on a break of the $57.50 support level or on a rally up to the down trending resistance.
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