Shares of Chemours Co. (CC) have been climbing higher since hitting their 52-week low on April 3rd. The stock is now just about 10% away from a resistance level that was formed more than 5 months ago.
CC is a global provider of chemicals. The company delivers customized solutions with a wide range of industrial and specialty chemicals products for various markets. CC has seen strong demand for its Opteon platform in mobile applications and will likely see continued growth for its Titanium Technologies unit that makes TiO2 pigment.
Take a look at the 1-year chart of CC below with added notations:
As you can see in the chart above, CC first tested $20 in November 2019 and then retested it in February, at which point a resistance level was formed.
If CC were to surpass $20, a trader could look to buy the stock after a solid close above the resistance level, in anticipation of a breakout.
Keep a close eye out for CC’s latest earnings report after TODAY’s (July 30th) market close.
Have a good trading day!
Christian Tharp, CMT
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CC shares were trading at $17.81 per share on Thursday morning, down $0.78 (-4.20%). Year-to-date, CC has gained 2.19%, versus a 0.53% rise in the benchmark S&P 500 index during the same period.
About the Author: Christian Tharp
Christian is an expert stock market coach at the Adam Mesh Trading Group who has mentored more than 4,000 traders and investors. He is a professional technical analyst that is a certified Chartered Market Technician (CMT), which is a designation awarded by the CMT Association. Christian is also the author of the daily online newsletter Todays Big Stock. More…
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