Linde PLC - (LIN) - August 29, 2023
Today, we are going to talk about Linde PLC (LIN) which is the first time we have commented on this name. Linde PLC entered the Favored Zone in the SIA S&P 100 Index Report at a price of $332.08 on November 14, 2022, and has held the favored zone since then while also holding onto its positive SMAX. Now the shares are at $382.07 representing an 15.0% increase in just under 10 months time. The shares currently occupy the #11 spot in the S&P 100 Index.
Linde is the largest industrial gas supplier in the world, with operations in over 100 Countries. The firms’ main products are atmospheric gases and process gases, as well as equipment used in industrial gas production.
In looking at the attached Candlestick chart of Linde PLC, we see that the shares found a bottom at around the $260.00 area back in March of last year which also coincided with a bottom in July and September 2022 creating a nice triple bottom. Since last September’s bottom the shares rallied very nicely breaking above its 50-day moving average and the 200-day moving average later in October and November indicating the accumulation phase had begun. A brief pullback ensued late last year and early into this year, but it held support at the 200-day moving average before rebounding nicely with a pattern of higher highs and higher lows. Currently the shares are finding support at the 50 Day MA at $378.48.
In the attached Point and Figure Chart at a 2% Scale, we see the share’s break above a very important prior resistance level at $342.83 back in December of last year. This is very bullish as the shares bumped its head at this previous resistance point previously back in January 2021 before finally breaking through achieving all-time highs. We see another new high materialize in March when the shares broke above $363.81. Currently the shares exhibit a bullish Double Top pattern. Next potential resistance can be found at approximately the $401.68 area and, above that, $443.49. To the downside, support is at its 3-box reversal of $356.68 and, below that, $323.06.
With an SMAX Score of 9 out of 10, LIN is exhibiting near term strength against all the asset classes.
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