The Chemours Co. (CC) May Be Forming A Top

by Christian Tharp, CMT

The Chemours Co. is a holding company that engages in the provision of performance chemicals. The firm delivers solutions, which include a range of industrial and chemical products for markets, including coatings, plastics, refrigeration and air conditioning, transportation, semiconductor and consumer electronics, general industrial, mining, and oil & gas.

Take a look at the 1-year chart of Chemours (NYSE: CC) below with the added notations…

Chart of CC provided by TradingView

CC has formed an up-trending resistance line and an up-trending support level (yellow). These two lines are converging on one another to form a rising wedge, which is viewed as a bearish pattern. Confirmation of the pattern would occur if the stock broke the up-trending support, which currently sits just above $42. 

The Tale of the Tape: CC has created a rising wedge pattern. A short trade could be entered on a break of the wedge support. If a trader is instead bullish on the stock, a long play could be made at that support with a stop placed below that level.

Before making any trading decision, decide which side of the trade you believe gives you the highest probability of success. Do you prefer the short side of the market, long side, or do you want to be in the market at all? If you haven’t thought about it, review the overall indices themselves. For example, take a look at the S&P 500. Is it trending higher or lower? Has it recently broken through a key resistance or support level? Making these decisions ahead of time will help you decide which side of the trade you believe gives you the best opportunities.

No matter what your strategy or when you decide to enter, always remember to use protective stops and you’ll be around for the next trade.  Capital preservation is always key!

Good luck!

Christian Tharp, CMT 

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Good luck!

Christian Tharp, CMT

www.todaysbigstock.com 

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