The Chemours Company, a chemical company, provides titanium
technologies, fluoroproducts, and chemical solutions. Its flagship
products include brands, such as Teflon, Ti-Pure, Krytox Viton, Opteon,
and Nafion. The company produces titanium dioxide, with Ti-Pure for
coatings, plastics, laminates, and paper; and fluoroproducts, including
Teflon fluoropolymers, Krytox performance lubricants, Viton
fluoroelastomers, and Opteon refrigerants. In addition, it offers
chemical products, including sulfuric acid, cyanide for gold processing,
chlorine dioxide for water treatment, and Virkon disinfectant
technologies for biosecurity. The company’s products are used in
plastics and coatings, refrigeration and air conditioning, mining and
oil refining operations, and general industrial manufacturing
applications.
Take a look at the 1-year chart of Chemours (NYSE: CC) below with added notations:
CC had been declining since its IPO, but now the stock has started
trading sideways during the most recent month. While in that sideways
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.
CC’s rectangle pattern has formed a resistance an $8.50 (red), and a
$6 support (green). At some point the stock will have to break one of
the two levels.
The Tale of the Tape: CC is trading within a
rectangle pattern. The possible long positions on the stock would be
either on a pullback to $6 or on a breakout above $8.50. The ideal short
opportunity would be on a break below $8.50.
No comments:
Post a Comment