ALB dominated by bulls lifting the market higher throughout the day

Albemarle Corporation (ALB) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team


ALB dominated by bulls lifting the market higher throughout the day
ALB closes higher for the 4th day in a row
ALB runs into sellers again around 77.56
ALB closes within previous day's range after lackluster session


Moving higher for the 4th day in a row, ALB ended the month 0.9% higher at 77.21 after gaining $0.88 (1.15%) today, slightly underperforming the S&P 500 (1.54%). The bulls were in full control today, moving the market higher throughout the whole session. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.

Daily Candlestick Chart (ALB as at Jun 30, 2020):

Daily technical analysis candlestick chart for Albemarle Corporation (ALB) as at Jun 30, 2020

Tuesday's trading range has been $1.82 (2.4%), that's below the last trading month's daily average range of $2.65. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly lower than usual for ALB.

Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Last Engulfing Top Pattern. The last time a Last Engulfing Top Pattern showed up on June 4th, ALB actually gained 5.43% on the following trading day.

After having been unable to move above 77.37 in the prior session, the market ran into sellers again around the same price level today, missing to move higher than 77.56.

The stock shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.

Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "4 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Albemarle. Out of 91 times, ALB closed higher 58.24% 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 57.14% with an average market move of 0.49%.

Market Conditions for ALB as at Jun 30, 2020

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