Air Liquide consolidation period forms a pennant pattern
Nicolas Suiffet July 8, 2020 4:22 AM
Air Liquide, an industrial gases supplier, reported it has signed a long-term agreement with American steel producer Steel Dynamics to supply industrial gases to Steel Dynamics' new Electric Arc Furnace steel mill in Texas.
Air Liquide, an industrial gases supplier, reported it has signed a long-term agreement with American steel producer Steel Dynamics to supply industrial gases to Steel Dynamics' new Electric Arc Furnace steel mill in Texas. The company said it will invest more than 100 million dollars to install an Air Separation Unit (ASU) on its Gulf Coast pipeline network, which will have a daily production capacity of 770 tons of gaseous oxygen, nitrogen, and argon.
From a chartist point of view, the stock price remains supported by a rising trend line in place since March low. The 20DMA remains in support of the bullish trend. However, the daily RSI struck against 70% and is reversing down, calling for caution. A pennant pattern is taking shape. A validation of the pattern would call for a further rise towards the former high at 140.7E. Alternatively, a break below 125.5E would call for a reversal down trend with 119.3E as first target.
Source: GAIN Capital, TradingView
Disclaimer: The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.
Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex and commodity futures, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to Forex.com or GAIN Capital refer to GAIN Capital Holdings Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.