Westlake Chemical Booked a New High

Published on Friday, 21 September 2012 12:34 Written by TradersHuddle Wire

New York, September 21st (TradersHuddle.com) - Shares of Westlake Chemical Corporation (NYSE:WLK) booked a new 52 week high today by trading above $76.45, traders are definitely monitoring Westlake's price action to see if this move attracts further buying into the stock.

Westlake Chemical Corporation (NYSE:WLK) is a vertically integrated manufacturer and marketer of basic chemicals, vinyls, polymers and fabricated products. Its products include chemicals, which are fundamental to many consumer and industrial markets, including flexible and rigid packaging, automotive products, coatings, residential and commercial construction, as well as other durable and non-durable goods. The Company operates in two segments: Olefins and Vinyls. The Company manufactures ethylene, polyethylene, styrene and associated co-products at its manufacturing facility in Lake Charles, Louisiana and polyethylene at its Longview, Texas facility. The products in the integrated Vinyls segment include polyvinyl chloride (PVC), VCM, ethylene dichloride (EDC), chlorine, caustic soda and ethylene. It also manufactures and sells products fabricated from the PVC it produces, including pipe, fence and deck, and window and door components.

Westlake Chemical is currently trading 0.91% versus its previous trading session close, and it has calculated support and resistance at $66.53 and $76.45 respectively. Clearly, with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range.

The overall market index S&P 500 is trading higher by 0.23% from its previous trading close, which means that Westlake Chemical stock is outperforming the overall market.