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

By David Diaz

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 $67.40 and $68.58 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 Corp share prices have moved between a 52-week high of $108.74 and a 52-week low of $58.63 and closed yesterday at 15% above that low price at $67.56 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 0.3%.

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.

There is potential upside of 82.8% for shares of Albemarle Corp based on a current price of $67.56 and an average consensus analyst price target of $123.50. The stock should hit resistance at its 200-day moving average (MA) of $74.07, as well as support at its 50-day MA of $65.80.

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