Send me real-time posts from this site at my email
Fan Yang

Albemarle (ALB) Passes First Bullish Breakout Test

Recently, we spotted a bullish breakout in Albemarle $ALB

Albemarle Looking at a Bullish Continuation Breakout

The "Bullish Continuation" perspective is from the long-term chart (weekly). But let's take a step back into the daily chart, where we essentially see a bullish reversal breakout against the dip in 2017.

ALB Daily Chart

(click to enlarge)

Pullback Survives Test:
- The daily chart shows that price did crack a falling trendline as well as a flat resistance.
- However, the breakout was not strong and there was a sharp pullback. 
- We noted in the past assessment that a hold above $100 would be a good sign that bulls are in charge.
- Price dipped below, BUT immediately rebounded. At the end of the day, price still respected the cluster of 200-, 100-, and 50-day simple moving averages (SMAs) as support.
- Price also respected the October consolidation as a base
- Finally, the RSI held above 40
- These are all signs that the bullish outlook opened up by the bullish breakout is still in play. 
- I would anticipate some stickiness around $100, but I would have a bullish anticipation towards the next resistance around $120-$125 (price gap). 
- Then, if price continues to confirm support from the 2018-base we see on the daily chart, we should see upside pressure towards the 2017-highs around $145. 

Welcome! Is it your First time here?

What are you looking for? Select your points of interest to improve your first-time experience:

Apply & Continue