Albemarle Corporation

  • ALB

  • $93

  • +1.98%

  • $93

  • $93

  • $91

Ticker Appearances

Thu, September 28, 2023 | 3:30PM ET
Mark
Mark L. Newton, CMT AC

Head of Technical Strategy
Thu, September 28, 2023 | 3:30PM ET
Former UPTICK longALB 1.98%  has recovered prior lows, making a 9-13-9 DeMark related exhaustion signal in the process. Recouping prior April lows at 171.82 is a minor positive, but more needs to happen to think this has truly bottomed, and part of this involves recapturing 173.28 which was violated. Additionally, the ability to surpass its downtrend line from July would embolden longs, allowing this to begin an intermediate-term advance. Overall, its wrong most of the time to view patterns like this as head and shoulder patterns until definite proof of breaking down, as they can often just be considered consolidation patterns and then lead higher- My interest certainly piqued here on this recovery, but more needed to help gain technical confidence
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