ALB pushes through Thursday's high
Albemarle Corporation (ALB) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, ALB ended the week 8.6% higher at 89.64 after gaining $1.71 (1.94%) today, significantly outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Closing above Thursday's high at 88.67, the stock confirmed its breakout through the previous session high after trading up to $1.87 above it intraday.
Daily Candlestick Chart (ALB as at Feb 14, 2020):
Friday's trading range has been $2.05 (2.32%), that's slightly below the last trading month's daily average range of $2.41. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for ALB.
One bullish candlestick pattern matches today's price action, the White Candle.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the nearby swing high at 91.93 where further buy stops might get triggered. With prices trading close to this year's high at 91.93, upside momentum could speed up should Albemarle be able to break out to new highs for the year.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "5 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Albemarle. Out of 53 times, ALB closed higher 62.26% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 60.38% with an average market move of 1.38%.