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

By James Quinn

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 $79.69 and $80.21 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 $84.99 and are now at $80.02, 93% above that low price. The 200-day and 50-day moving averages have moved 0.53% higher and 1.73% higher over the past week, respectively.

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.

Albemarle (NYSE:ALB) is currently priced 25.6% 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.

SmarTrend is monitoring the recent change of momentum in Albemarle. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Albemarle in search of a potential trend change.

Keywords: bearish inside day candle albemarle

Ticker(s): ALB