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ESI Bull Channel Breakout

ESI Bull Channel Breakout

by | Jul 26, 2021 | Chart SetUps

Element Solutions (ESI) setting up well in a multi-week channel under recent highs and closing just below a high-volume node at $23.75. MACD is curling higher and near a bull cross while RSI is back above 50, ready to run and resume the longer-term uptrend. A breakout above the recent highs at $24.50 has a measured target to $27. ESI has seen a lot of bullish flow in November and positive note from UBS recently, an attractive way to play growth in electronic plating chemicals and an industry that is seeing a lot of consolidation.