Westlake Corp. ( WLK) has traced out a bottom formation on the charts since last June, so let's check and see how we can craft a bullish strategy for this materials and chemical manufacturer. 
In this daily bar chart of WLK, below, I can see that prices have moved sideways for much of the past 12 months. WLK has traded below the 200-day line and above the line. A dip/test of the 200-day line in March looks like a buying opportunity to me. The On-Balance-Volume (OBV) line shows a rise from October, telling me that buyers of WLK have been more aggressive than sellers for the past seven months. The Moving Average Convergence Divergence (MACD) oscillator is slightly above the zero line.
In this weekly Japanese candlestick chart of WLK, below, I see a constructive picture. Prices trade above the rising 40-week moving average line. The most recent candles show upper shadows but a close above $120 will refresh the uptrend. The weekly OBV line shows strength from October. The MACD oscillator is bullish.
In this daily Point and Figure chart of WLK, below, I can see an upside price target in the $146 area.
In this weekly Point and Figure chart of WLK, below, I used close-only price data. Here the software projects a longer-term price target in the $170 area.
Bottom line strategy: Traders could go long WLK on strength above $120, risking to $109 for now. The $146 area is my first upside price target.
