ALB snaps to lowest close since May 31st


Albemarle Corp (ALB) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
ALB breaks key support level
ALB closes below its opening price unable to hold early session gains
ALB closes lower for the 2nd day in a row
ALB ends the day on a bearish note closing near the low of the day
ALB breaks below previous session low
TQ Sentiment
Report Sentiment: 66% Bearish
Technical Forecast:
Overview

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 chart for ALB
Volatility

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.

Support/Resistance

Breaking below the key support level at 94.11 today, it is now likely to act as resistance going forward.

Trend

Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Order Flow

Further selling could move prices lower should the market test May's nearby low at 92.61.

Conclusion

Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a bearish sentiment for the next trading day.

Market Conditions for Albemarle Corp
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Bearish Break through SMA 100 TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Bullish Bounce off SMA 20 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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