Celanese Corp (US: CE) Technical price action indicates a bullish return:

1. The resistance zone at US$171-US$173 has been tested multiple times and therefore is has been weakened.
2. From the Elliott wave perspective, the stock has completed the double three corrective wave and currently, the stock is heading for a potential intermediate wave (3). Also, the sub-wave is going on to a complete wave (v) of the minute phase.
3. Pennant formation is indicative of a bullish continuation pattern.
4. Bullish closure above Tenkan-Sen is indicative of a bullish continuation pattern.

*Expected timeline of the trade is 20 weeks from the date of report issuance.

CHART LEGEND

Ichimoku Kinko Hyo

Red dotted line = 26 periods Kijun-Sen

Blue dotted line = 9 Periods Tenkan-Sen

Green Line B= 52 periods Senkou Span B

Pink Line A = 26 periods Senkou Span A

Black line = 26 periods Chikou Span. Lagging line