EarningsBeats Digest

Published: Wed, 05/04/22

EarningsBeats.com Digest for May 4, 2022

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Specialty Chemical Stock Finally Makes Breakout

It's not always easy to spot price support and resistance. It gets a whole lot easier, however, when a stock hits the same price support or price resistance level over and over. That's the case of Chemours Co (CC), which recently failed to break above 36 on three separate occasions in January, February, and April of this year. Check this out:

There was also a price top back in June 2021 close to 37.50, so Tuesday's marubozu candlestick on extremely heavy volume cleared those previous four tops. A marubozu candle is one where a stock opens at its low of the day and closes on its high of the day with a long hollow candle. It simply suggests that there was nothing but buying all day long. It also enabled the AD line to break to its highest level in nearly 7 months. Combine that with the clear relative strength shown in the bottom three panels and it's evident that CC is a very strong stock in an otherwise weak market. Monday's opening price of 35.83 should provide excellent support if we see a pullback. Prior price resistance at both 36 and 37.50 will offer up support as well.

Happy Trading!

Tom Bowley
Chief Market Strategist

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