DuPont de Nemours Market Update
Currently, DuPont de Nemours Inc. quotes form a Double Top figure and are trading around 80.00. Uncertainty in the monetary policy of the US Fed contributes to the short-term negative dynamics, however, the issuer reported an increase in indicators for Q4. Thus, net profit turned out to be higher than forecasts and amounted to 1.08 dollars per share instead of 98 cents, and revenue amounted to 4.3B dollars. The company's management predicts sales growth in 2022 to 17.8 B dollars, due to increased demand. Management expects earnings this year to be about 4.90 dollars per share.
Celanese Corp., a company specializing in the production of special chemicals, also mentioned that it is close to buying one of the issuer's divisions for more than 10B dollars. DuPont de Nemours Inc. announced the beginning of cooperation with DWS Advantage, thanks to which an online store was created that provides direct access to the company's products, as well as customer support. According to the management of DuPont de Nemours Inc., this will improve the technical and service needs of customers of the biotechnology industry. In addition, the issuer announced the receipt of the IATF 16949 certificate, which will more effectively and efficiently meet the needs of customers by preventing defects and reducing variations, as well as losses in the supply chain.
Support and resistance
On the daily chart, the appearance of the Double Top figure is observed. Having reached the level of 82.01, the quotes formed a "bearish" Shooting Star pattern, the candle of which left a long wick and a short red body, which emphasizes the strong pressure from sellers at this mark. After a slight decrease in the asset to 78.50, a Harami candle appeared on the chart, which signals an upcoming attempt by buyers to restore the price, however, at the same mark of 82.01, the asset formed the Evening Star model, which is a serious signal for a price reversal at the top. A second vertex was also formed, after which the asset dropped to the level of the "neck" of this figure. Most likely, the instrument will continue its downward dynamics to the support level of 77.27, after overcoming which the quotes will go lower to the zone of 75.26-67.05, however, in the case of a rebound of the instrument from the 77.27 border, a scenario with the continuation of the uptrend in the range of 84.91-91.97 should be considered.
Resistance levels: 84.91, 87.13, 89.02, 91.97.
Support levels: 77.27, 75.26, 71.51, 67.05.