Is Albemarle Trying to Break Out?
Alternate energy has shown relative strength since the Inflation Reduction Act took effect in August. Lithium provider Albemarle is a potential beneficiary.
The first pattern on today’s chart is the trendline running along the highs of November and June. ALB ripped through that line three weeks ago before pulling back. It’s now attempting to bounce at the same area, which could mean old resistance has become new support.
Second, consider how the stock made a new 52-week high in late August. It was one of only eight members of the S&P 500 to achieve that feat at the time, according to TradeStation data.
Around the same time, ALB’s 50-day simple moving average (SMA) rose above its 200-day SMA -- a potentially bullish “golden cross.”
Next, the series of higher lows since March may reflect accumulation by longer-term investors. This longer-term trend is also visible in basing patterns on the weekly chart below.
Finally, the most recent pullback dragged ALB’s stochastic oscillator into an oversold condition.
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This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
The first pattern on today’s chart is the trendline running along the highs of November and June. ALB ripped through that line three weeks ago before pulling back. It’s now attempting to bounce at the same area, which could mean old resistance has become new support.
Second, consider how the stock made a new 52-week high in late August. It was one of only eight members of the S&P 500 to achieve that feat at the time, according to TradeStation data.
Around the same time, ALB’s 50-day simple moving average (SMA) rose above its 200-day SMA -- a potentially bullish “golden cross.”
Next, the series of higher lows since March may reflect accumulation by longer-term investors. This longer-term trend is also visible in basing patterns on the weekly chart below.
Finally, the most recent pullback dragged ALB’s stochastic oscillator into an oversold condition.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. You Can Trade, Inc. is also a wholly owned subsidiary of TradeStation Group, Inc., operating under its own brand and trademarks. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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