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

By Nick Russo

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. Today's price range of $85.69 and $89.00 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 Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 39.2% exists for Albemarle Corp, based on a current level of $88.70 and analysts' average consensus price target of $123.50. Albemarle Corp shares have support at the 50-day moving average (MA) of $72.33 and additional support at the 200-day MA of $69.53.

In the past 52 weeks, Albemarle Corp share prices have been bracketed by a low of $58.63 and a high of $93.14 and are now at $88.70, 51% above that low price. The 200-day and 50-day moving averages have moved 0.03% higher and 1.48% higher over the past week, respectively.

Albemarle Corporation produces specialty chemicals. The Company offers plastics, polymers, and elastomers, as well as cleaning products, agricultural compounds, pharmaceuticals, photographic chemicals, drilling compounds, and biocides. Albemarle focuses on lithium, bromine, refining catalysts, and applied surface treatment. Albemarle markets its products globally.

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 inside day candle albemarle corp

Ticker(s): ALB