Albemarle (ALB) is a developer, manufacturer and marketer of engineered specialty chemicals. This stock closed up 5.5% at $66.15 on Wednesday.
Wednesday's Volume: 1.80 millionAverage Volume: 658,103 Volume % Change: 136% From a technical perspective, ALB gapped up sharply here right above its 50-day moving average of $62.25 with monster upside volume. That gap up occurred after shares of ALB had been trading inside of a consolidation pattern for the last month at around $61 to $63. This move is now quickly pushing shares of ALB within range of triggering a major breakout trade. That trade will hit if ALB manages to take out some near-term overhead resistance at $67.75 and then once it clears its 52-week high of $68.26 with high volume. Traders should now look for long-biased trades in ALB as long as it's trending above today's low of $64.05, and then once it sustains a move or close above those breakout levels with volume that hits near or above 658,103 shares. If that breakout triggers soon, then ALB will set up to re-test or possibly take out its next major overhead resistance levels at $70 to $70.15.
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