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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Albemarle Corp (NYSE:ALB) based on the price action in the company's shares. Yesterday's price range of $83.11 and $84.24 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 Corp 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 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.

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 closed yesterday at $83.22, 42% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 1.6%.

Potential upside of 48.4% exists for Albemarle Corp, based on a current level of $83.22 and analysts' average consensus price target of $123.50. The stock should discover initial support at its 50-day moving average (MA) of $73.95 and subsequent support at its 200-day MA of $69.68.

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: bullish am inside day candle albemarle corp

Ticker(s): ALB