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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Albemarle (NYSE:ALB) based on the price action in the company's shares. Yesterday's price range of $80.80 and $81.32 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. Traders and investors interested in shares of Albemarle may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Albemarle (NYSE:ALB) defies analysts with a current price ($81.28) 26.8% above its average consensus price target of $59.53. Albemarle shares have support at the 50-day moving average (MA) of $63.06 and additional support at the 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.

In the past 52 weeks, Albemarle share prices have been bracketed by a low of $41.37 and a high of $87.29 and closed yesterday at $81.28, 96% 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.

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

Keywords: bullish am inside day candle albemarle

Ticker(s): ALB