We recently noted that Albemarle $ALB was in a bearish swing attacking a critical support just above $72. The 5/2 session showed a strong rebound that might extend into a reversal in the short-term. But I don't think there will be much upside while there is likely more downside risk ahead. ALB Daily Chart (click to enlarge) Bearish Trend vs. Support:- Note that the prevailing trend and price structure is still bearish. - After the multi-month rally, ALB retreated from the 200-day simple moving average (SMA). It also respected the bottom area of the previous consolidation range.- When we look at the weekly chart, we can see that $72 is indeed a critical support/resistance pivot.- But in this chart, we also see that price is holding under the 200-week SMA. The cross-under followed by rejection as resistance is known as a bearish slingshot signal. - I think there might be some short-term upside to $80 if the overall market is bullish as well.- But, I think ALB will eventually break below $72, $70 and open up the $57-$60 area, which is the middle of a previous multi-year consolidation.ALB Weekly Chart(click to enlarge)