Specialty chemical producer Albemarle (ALB) continues to climb within the Green Favored Zone of the SIA S&P 500 Index Report, having moved up 12 spots yesterday and 28 places in the last month.
Earlier this year, Albemarle (ALB) snapped out of a long-term downtrend. Since March, the shares have been under steady accumulation. Yesterday they staged a major breakout on volume, closing at their highest level since late 2018.
Next potential upside tests appear at previous resistance near $105.00, then the $115.00-$120.00 area, the boundaries of an old gap. Initial support moves up to the $94.50 breakout point from $90.00.
Building on a recent Spread Double Top breakout, Albemarle (ALB) shares broke through previous resistance near $94.50 confirming continuing accumulation. Next potential upside resistance tests on trend appear near $113.00 based on a horizontal count, then $124.75 based on a vertical count. Initial support appears near $89.10 based on a 3-box reversal.
With a perfect SMAX score of 10, ALB is exhibiting near-term strength across the asset classes.
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