Westlake Chemical Corporation Stock Forecast

Red day on Tuesday for Westlake Chemical Corporation
(Updated on Jul 02, 2024)

WLK Signals & Forecast

There are few to no technical positive signals at the moment. The Westlake Chemical Corporation stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $145.76 and $153.27. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, May 21, 2024, and so far it has fallen -11.10%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.

Support, Risk & Stop-loss for Westlake Chemical Corporation stock

There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.

This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $2.44 (1.72%) between high and low. For the last week, the stock has had daily average volatility of 2.34%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (WLK) For The Upcoming Trading Day Of Wednesday 3rd

For the upcoming trading day on Wednesday, 3rd we expect Westlake Chemical Corporation to open at $142.88, and during the day (based on 14 day Average True Range), to move between $139.19 and $146.31, which gives a possible trading interval of +/-$3.56 (+/-2.49%) up or down from last closing price. If Westlake Chemical Corporation takes out the full calculated possible swing range there will be an estimated 4.99% move between the lowest and the highest trading price during the day.

With no support below and resistance from accumulated volume @ $146.38, some $3.63 (2.54%) from the current price of $142.75, our system finds the risk reward not very attractive.

Is Westlake Chemical Corporation stock A Buy?

Westlake Chemical Corporation holds several negative signals and is within a wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.

Current score: -3.639 Sell Candidate Unchanged

Predicted Opening Price for Westlake Chemical Corporation of Wednesday, July 3, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.