PPG Industries, Inc. (NYSE: PPG)

PPG Industries, Inc. manufactures and distributes coatings, specialty materials, and glass products. The company’s Performance Coatings segment provides coatings products for automotive and commercial transport/fleet repair and refurbishing; light industrial and specialty coatings for signs; sealants, coatings, maintenance cleaners, and transparencies for commercial, military, regional jet and general aviation aircraft, and transparent armor for specialty applications; and chemical management services. Its Industrial Coatings segment provides adhesives and sealants for the automotive industry, and metal pretreatments and related chemicals for industrial and automotive applications; precipitated silicas for tire, battery separator, and other markets. The company’s Glass segment produces flat glass and fiber glass for commercial and residential construction, and wind energy, energy infrastructure, transportation, and electronics industries. PPG Industries, Inc. sells its products through owned stores, home centers, paint dealers, concessionaires, other consumer retail outlets, independent distributors, and directly to customers. The company was founded in 1883 and is headquartered in Pittsburgh, Pennsylvania.
Take a look at the 1-year chart of PPG (NYSE: PPG) below with added notations:

After a strong rally from October until the end of December, PPG has been trading mostly sideways over the last 5 months. During the last 2 months of that move the stock has formed a common pattern known as a rectangle. A minimum of (2) successful tests of the support and (2) successful tests of the resistance will give you the pattern.
PPG’s rectangle pattern has formed a resistance at $232.50 (red), and a $220 support (green) area. At some point the stock will have to break one of the two levels.

The Tale of the Tape: PPG is trading within a rectangle pattern. The possible long positions on the stock would be either on a pullback to $220 or on a breakout above $232.50. The ideal short opportunity would be on a break below $220.
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