Chemours: My Chemical/Technical Romance

 | Feb 21, 2017 | 9:46 AM EST
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cc

Global chemicals company Chemours  (CC) has made as strong upside move since August. With our favorite indicators pointed higher we look for further gains in the weeks and months ahead. Let's visit with the latest charts and indicators for some guidance and levels to watch.

In this one-year daily chart of CC, below, we can see a strong rally under way. Prices consolidate in a sideways fashion until August when the moving averages and the On-Balance-Volume (OBV) line all turn to the upside. Prices stay above the rising 50-day average line and dips toward the line have been buying opportunities. 

The OBV line has moved up with the price action and suggests that buyers of CC have been more aggressive the past year. The rising OBV line shows the accumulation much better than the uneven action of the volume histogram. The Moving Average Convergence Divergence (MACD) oscillator has been above the zero line for much of the past year and is currently in a bullish configuration.

In this limited weekly chart of CC, below, we do not have a lot of history to work with but prices are going in the right direction. CC made a low-priced saucer-like base pattern that lasts until July as prices pull away from the rising 40-week moving average line. The weekly OBV line turns up in early 2016 and suggests that there has been strong accumulation of shares. The Moving Average Convergence Divergence (MACD) oscillator is in a bullish set up.

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This Point and Figure chart of CC, below, has been adjusted to show more detail. Prices are in an uptrend with various consolidations along the way higher. Prices broke out at $28 again.

Bottom line: Prices could pull back to fill the gap made earlier this month but I tend to doubt it as it looks like longs are staying put and have not sold into strength. Longs should risk below $26.

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we like this chart here, it appears ready to move higher. BOUGHT BZUN OCT 35 CALL AT 3.40
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