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TheStreet Open House

5 Toxic Stocks to Dump Before 2013

Stocks in this article: ATVIALBSRECIEGFI

Albemarle

Albemarle (ALB) is probably offering up the most straight forward setup of the day. You don't need to be a technical trader to figure out what's going on in shares of ALB -- one glance at this stock should tell you that sellers are definitively in control here.

Albemarle has been in a downtrending channel for the majority of 2012. That channel has provided a good yardstick for ALB's high probability price action as it moved lower over the course of the year. Right now, shares are testing resistance at the top of the channel -- while that may seem like a good thing for shareholders at first glance, it's not necessarily so.

Every time ALB has attempted to break out above the top of the channel in 2012, it's been shoved lower by sellers. And in the process, there have been ample bull traps for buyers who weren't cautious enough before they jumped onboard. If previous price action is any indication, more downside is the likely outcome right now.

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