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Downtrend Broken Resistance

Downtrend Broken Resistance stock alert presents a technical analysis stock market picking technique based on combination of technical indicators, stock trend analysis, trend following indicators and pattern recognition. Downtrend broken resistance stock market alert is a trend trading warning signal. It is a confirmation that long term downtrend reversal is completed and a new uptrend is establiched.

Unlike other alerts, broken resistance is not a buy/sell signal. It is rather warning signal that trend direction has changed. For entry point it is usually better to wait for pull back and retest of resistance line. This point is considered as a second chance to participate in downtrend reversal.

Downtrend Broken Resist.

Archive
- 6/7/2024 -
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Albemarle Corp (ALB) Technical Analysis

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Summary:
Weekly :Overbought sector
Daily :Williams' Percentage Range and Lane's Stochastic are oversold
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It was the negative week for the Albemarle Corp (ALB). During the week, the ALB dropped -7.65 points, or -6.24%, and closed at 114.94 on Friday, June 7, 2024. It was the worst weekly loss since April 19, 2024. Weekly volume was -17% below average.

ALB is a member of Materials Sector. Materials is the most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.

Long-term trend: [See ALB long-term trend chart]
A long-term downtrend had started on November 11, 2022 at 334.55 and reached 106.69 on March 5, 2024. ALB lost 227.86 points, or 68.11%, in 68 weeks. The chart has formed a Falling Wedge chart pattern. The trend support level is at 86.97 and resistance is at 124.52. A Falling Wedge is a triangle formation with a noticeable slant to the downside. It represents the loss of a downside momentum on each successive low and has a bullish bias. The Falling wedge usually marks a reversal in a downtrend. In an uptrend a falling wedge is considered to be a continuation pattern. Use the following link to access a Falling Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Falling Wedge pattern in a long-term trend.

Medium-term trend: [See ALB medium-term trend chart]
A medium-term uptrend had started on March 5, 2024 at 106.69 and reached 137.50 on May 15, 2024. ALB gained -30.81 points, or -28.88%, in 10 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 109.91 and resistance is at 139.83. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a medium-term trend.

Weekly Technical Indicators: [See ALB weekly technical indicators chart]
Weekly technical indicators are neutral.

The weekly MACD line is above its signal line since December 15, 2023. This is an indication that the medium-term trend is up. Use the following link to access a MACD help.

Short-term trend: [See ALB short-term trend chart]
A short-term downtrend had started on May 15, 2024 at 137.50 and reached 114.23 on June 7, 2024. ALB lost 23.27 points, or 16.92%, in 23 days. The chart has formed a Falling Channel chart pattern. The trend support level is at 114.10 and resistance is at 123.31. A Falling Channel represents price movement contained between parallel lower (support) and upper (resistance) trend lines. Trading Channeling stocks is one of the most reliable and accurate trading techniques that provide traders with precise entry and exit points as well as stop-losses and take-profit recommendations. Use the following link to access a Falling Channel chart pattern help, or use a Technical Stock Screener to see the list of stocks with Falling Channel pattern in a short-term trend.

Daily Technical Indicators: [See ALB daily technical indicators chart]
Daily Williams' Percentage Range and Lane's Stochastic are oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold Williams' Percentage Range and Lane's Stochastic. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic and Williams' Percentage Range help.

The daily MACD line is below its signal line since May 20, 2024. This is an indication that the short-term trend is down.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 20.21
Williams' Percentage Range (W%R) 89.00
Oversold
Lane's Stochastic (%D-Slow) 10.32
Oversold
Greed/Fear Indicator (GFI) 13.83
Oversold
Moving Average Converg./Diverg. (MACD) -0.62
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 35.36
Williams' Percentage Range (W%R) 72.40
Lane's Stochastic (%D-Slow) 62.69
Greed/Fear Indicator (GFI) 45.76
Moving Average Converg./Diverg. (MACD) -8.99
Trading Signals
Description Value Chart
Upper Bollinger Band 133.39
Weekly Stochastic Crossing 125.51
20 Day Moving Average 125.34
Yearly Trendline Resistance 124.52
50 Day Moving Average 124.01
Weekly Trendline Resistance 123.31
Parabolic System 122.28
Daily Stochastic Crossing 115.49
Price 114.94
Weekly Trendline Support 114.10
Lower Bollinger Band 112.57
Quarterly Trendline Support 109.91
Sector and Industry
Description Name Rank
Sector Materials 10
Industry Specialty Chemicals 55
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 129.50
High Date 05/28/2024
Low 114.23
Low Date 06/07/2024
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern Falling Channel
Status Valid
Resistance 123.31
Support 114.10
High 137.50
High Date 05/15/2024
Low 114.23
Low Date 06/07/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 108.30
Low Date 04/22/2024
High 137.50
High Date 05/15/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 139.83
Support 109.91
Low 106.69
Low Date 03/05/2024
High 137.50
High Date 05/15/2024
Description Value
Direction Down
Chart Pattern Falling Wedge
Status Valid
Resistance 124.52
Support 86.97
High 334.55
High Date 11/11/2022
Low 106.69
Low Date 03/05/2024
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.