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

By Nick Russo

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 $85.69 and $89.00 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 chemicals. The Company offers plastics, polymers, and elastomers, as well as cleaning products, agricultural compounds, pharmaceuticals, photographic chemicals, drilling compounds, and biocides. Albemarle focuses on lithium, bromine, refining catalysts, and applied surface treatment. Albemarle markets its products globally.

Over the past year, Albemarle Corp has traded in a range of $58.63 to $93.14 and closed yesterday at $87.58, 49% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.7% while the 200-day MA has remained constant.

Albemarle Corp has overhead space with shares priced $87.58, or 29.1% below the average consensus analyst price target of $123.50. The stock should discover initial support at its 50-day moving average (MA) of $72.78 and subsequent support at its 200-day MA of $69.56.

SmarTrend is tracking the current trend status for Albemarle Corp and will alert subscribers who have ALB in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle albemarle corp

Ticker(s): ALB