Albermarle Corp. (ALB) is a maker of critical chemical solutions for the energy, electronics, and transportation industry. I don't consider this a household name but the charts are worthy of your attention and maybe an investment or trade.
In the daily bar chart of ALB, below, we can see that prices made a base from March to May before beginning its comeback rally. It took three months but prices are back up in the area of the February highs. Prices are above the rising 50-day moving average line and the bullish 200-day moving average line.
The On-Balance-Volume (OBV) line has been rising the past 12 months and hardly dipped in February and March when the markets fell hard. Investors largely held their longs of ALB.
The Moving Average Convergence Divergence (MACD) oscillator has turned upward to a fresh outright go long signal.
In this weekly bar chart of ALB, below, we can see that the shares are emerging from a longer-term saucer-like base pattern. Prices are above the rising 40-week moving average line.
The weekly OBV line has been rising since May of 2019 and tells me that there has been strong accumulation (buying) of ALB. The MACD oscillator is very bullish on this longer time frame.
In this daily Point and Figure chart of ALB, below, we can see a potential upside price target in the $114 area.
In this weekly Point and Figure chart of ALB, below, we can see a potential price target in the $148 area.
Bottom-line strategy: ALB won't be a sexy stock to bring up at a virtual cocktail party but it will probably be a name you won't be ashamed of either. Traders could go long ALB in the $90-$95 area risking a close below $85. The $114 area and then the $148 area are our price objectives.
