Long Position on OEC @ $24.75 on 3/24/2023 (Momentum)

Orion Engineered Carbons S.A. (OEC) manufactures and sells carbon black products in Luxembourg and internationally. 

It operates in two segments, Specialty Carbon Black and Rubber Carbon Black.

The company offers post-treated specialty carbon black grades for coatings and printing applications; high purity carbon black grades for the fiber industry; and conductive carbon black grades for polymers, coatings, and battery electrodes.

It also provides rubber carbon black products for applications in mechanical rubber goods under the PUREX brand, as well as in tires under the ECORAX brand name. 

On February 16th, OEC reported Quarter December 2022 earnings of $0.26 per share on revenue of $462.1 million. The consensus earnings estimate was $0.16 per share on revenue of $352.8 million. Revenue grew 17.7% on a year-over-year basis.

Shares are heading higher in an upward trading channel. Currently shares are at the lower boundary of the said channel. Higher share prices are expected.

Entry Point: $24.75

Stop Loss: $22.00

Trading Range: $12.87 to $26.90

Target Price: $27.10

Position closed on 4/27/2023 at price of $24.00 with a -3.03% loss in 34 days.

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