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Possible Bearish Inside Day Candle Pattern Detected for Albemarle Corp (NYSE:ALB)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Albemarle Corp (NYSE:ALB) based on the price action in the company's shares. Yesterday's price range of $89.12 and $90.54 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Albemarle Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Albemarle Corporation produces specialty and fine chemicals. The Company's chemicals are additives to or intermediates for plastics, polymers and elastomers, cleaning products, agricultural compounds, pharmaceuticals, photographic chemicals, drilling compounds, and biocides. Albemarle produces the majority of its products in the United States.

There is potential upside of 38.3% for shares of Albemarle Corp based on a current price of $89.27 and an average consensus analyst price target of $123.50. The stock should run into initial resistance at its 200-day moving average (MA) of $96.90 and subsequent resistance at its 50-day MA of $97.97.

Over the past year, Albemarle Corp has traded in a range of $86.75 to $138.67 and closed yesterday at $89.27, 3% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has declined 0.7%.

SmarTrend recommended that its subscribers protect gains by selling shares of Albemarle Corp on November 12th, 2018 by issuing a Downtrend alert when the shares were trading at $100.12. Since that call, shares of Albemarle Corp have fallen 11.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle albemarle corp

Ticker(s): ALB