HUN stock price has been range trading / consolidating for 12 months inside the purple rectangle (with the exception of 2 failed breakout attempts in FEB and APR 2019)After the summer bottom around the end of AUG'19 stock has rallied towards the top of the range around 23.81 but failed to breakout and instead started to form an ascending triangle ( dotted black lines )
Company posted earnings in late OCT'19 and since then the price is trading inside a symmetrical triangle (blue lines)
As seen on the chart the price will reach the tip of both triangles soon, so watch the stock for a potential BREAKOUT AND CLOSE above the resistance line at 23.81
Targets are as follows:
T1 - 26.85 measured move from the symmetrical triangle
T2 - 29.13 measured move from the ascending triangle
T3 - 30.04 measured move from the rectangle
As a side anecdote GS just upgraded the stock to strong BUY and 29.00 target, so don't know if is good or bad :)
Good luck,
TA
Trade closed: stop reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.