ALB snaps to lowest close since May 31st
Albemarle Corp (ALB) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, ALB ended Thursday at 93.66 losing $0.52 (-0.55%). Today's closing price of 93.66 marks the lowest close since May 31st. Trading $0.77 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Wednesday's low at 94.10, the stock confirms its breakout through the prior session's low having traded $0.75 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (ALB as at Jun 14, 2018):
Thursday's trading range was $1.61 (1.71%), that's slightly below last trading month's daily average range of $2.03. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.
Breaking below the key support level at 94.11 today, it is now likely to act as resistance going forward.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Further selling could move prices lower should the market test May's nearby low at 92.61.