ALB closes lower for the 2nd day in a row
Albemarle Corporation (ALB) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, ALB ended the month 6.8% higher at 82.46 after losing $0.54 (-0.65%) today, significantly underperforming the S&P 500 (0.77%). Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (ALB as at Jul 31, 2020):
Friday's trading range has been $2.46 (2.98%), that's slightly below the last trading month's daily average range of $2.52. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for ALB.
Two candlestick patterns are matching today's price action, the Takuri Line which is known as bullish pattern and one bearish pattern, the Bearish Spinning Top. The last time a Bearish Spinning Top showed up on June 26th, ALB actually gained 2.26% on the following trading day.
Though the market is currently in a short-term downtrend, this might just be a correction, as both the medium and long-term trends are still bullish.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Takuri Line" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for Albemarle. Out of 56 times, ALB closed lower 58.93% of the time on the next trading day after the market condition occurred.