Possible Bearish Inside Day Candle Pattern Detected for Albemarle (NYSE:ALB)
SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Albemarle (NYSE:ALB) based on the price action in the company's shares. Today's price range of $79.33 and $80.07 is within yesterday'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 may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.
In the past 52 weeks, Albemarle share prices have been bracketed by a low of $41.37 and a high of $80.21 and are now at $79.57, 92% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 1.7%.
Albemarle (NYSE:ALB) is currently priced 25.2% above its average consensus analyst price target of $59.53. The stock should discover initial support at its 50-day moving average (MA) of $63.06 and subsequent support at its 200-day MA of $53.30.
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.
SmarTrend recommended that subscribers consider buying shares of Albemarle on January 22nd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $51.46. Since that recommendation, shares of Albemarle have risen 55.6%. We continue to monitor ALB for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: bearish inside day candle albemarle