Specialty chemicals producer Albemarle (ALB) continues its run back up the rankings in the SIA S&P 500 Index Report. A rebound that started in the red zone in March recently returned the shares to the Green Favored Zone for the first time since December. On Friday, ALB finished in 31st place, up 18 spots on the day and up 109 positions in the last month.
Albemarle (ALB) staged a decisive breakout last week. Rallying up off of a higher low, the shares staged two breakaway gaps to the upside followed by a Bullish Engulfing Day. Along the way, the shares snapped a downtrend line and completed a bullish Ascending Triangle pattern with a breakout over $225, which may reverse polarity to become initial support.
All of these positive signals came on a spike in volume which indicates renewed accumulation. Initial upside resistance may appear near the $250 round number, then $275 based on a measured move from the triangle, followed by the closing and intraday peaks from November 2021 which were near $280 and $291 respectively.
The recovery trend in Albemarle (ALB) shares, which started back in March, continued last week with the shares staging a second Double Top breakout.
The shares are starting to approach initial resistance near the $250.00 round number which coincides with a previous column high. A breakout there would signal the start of another upleg with potential resistance after that near $271.35 based on a horizonal count, and then the previous peak near $288.00. Initial support appears near $222.60, based ona 3-box reversal and a retest of a recent breakout point.
With its bullish SMAX increasing to 8, ALB is exhibiting strength against the asset classes.
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