Celanese Corp is a Texas-based Fortune 500 company. It deals in specialty materials and chemicals and is best-known for being a leading producer of acetyl products. Acetyl products are used by nearly all major industries. Celanese also happens to be the world’s largest producer of vinyl acetate monomer. It also owns and operated the world’s largest acetic acid plant. Given the critical ingredients that Celanese Corp makes, its use in a wide variety of applications, and the company’s dominant position in the market, the company is well-positioned for long-term growth.
The long term monthly chart of Celanese shows a long-term uptrend defined by the upper and lower trendlines in yellow. This uptrend was halted late in 2019 and the stock fell significantly from December 2019 to March 2020. The price almost halved, went below a historical support level at 94, and broke the bottom of the long-term trend. However, since April 2020, the stock has pulled back up again and has gone back up above the support level at 94. Next likely intermediate targets are 108, 118, and 130, which all represent resistance levels. A stop loss can be placed somewhere below the 94 support line.
Positions taken today at $97.94 with a stop loss 15.65% below at $82.29. Take short term profit point at $130 giving a profit of 33%
On the video and images above you will see the reason this stock was selected.
You will see the image is of a monthly chart of the stock showing the long-term upwards trend formed over the years. You will also see the entry point and the where the stop loss is placed. For more information please watch the video given.
Once it is time to move the original stop loss up you will see an additional image.