Possible Bullish Inside Day Candle Pattern Detected for Albemarle (NYSE:ALB)
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 $82.72 and $83.93 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 ($83.44) 28.7% above its average consensus price target of $59.53. The stock should find initial support at its 50-day moving average (MA) of $63.06 and further support at its 200-day MA of $53.30.
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 $83.44, 102% 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.
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: bullish am inside day candle albemarle