Westlake Corporation : Still a great upward potential
By Etienne Veber
Entry price | Target | Stop-loss | Potential |
---|---|---|---|
US$111.76 | US$0 | US$109.7 | -100% |
The economic and financial situation of the company are still strong. The good point is the upward revision of 2013 EPS for the last 12 months (+50%).
Technical patterns are in the green: prices are up for several months. The movement should continue in the coming trading sessions. The 20-day moving average should help to reach the USD 116.5 long term resistance.
In consequence, investors can take a long position in Westlake Chemical Corporation with a first target price at USD 116.5. This level is the long term resistance. A new bullish fluctuation could lead the security toward its highest level in case of breakout of this resistance with the USD 120 as a target. A stop loss will be set under the short term support at USD 111.