Shares of Linde Plc (LIN) made an impressive rally from September to December but now the music could stop and some traders may not find a seat if prices reverse direction.
Let's check out the charts and plot a strategy.
In the daily bar chart of LIN, below, I can see a sideways price pattern the past six or seven weeks that could turn sour. Prices gapped higher in October and then turned sideways in November, which carried into December. Buying interest (support) developed around $330 and that level needs to be watched closely. A close below $330 will mean that buyers of LIN in the past several weeks are under water -- or at a loss when they look at their brokerage statements.
Looking at the trading volume in October and November I do not see a strong expansion in turnover and that is not a positive. The daily On-Balance-Volume (OBV) has been stalled in recent weeks. A turn lower in the OBV line from here into year-end will be a negative development. The Moving Average Convergence Divergence (MACD) is above the zero line but is pointed lower.



