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July 9 Chart of the Day - Albemarle

Precision oriented price action technical analysis by far provides the best edges and most setups for traders and investors across the markets so that's what we use for the basis of our reviews

Shares in lithium miner Albemarle (ALB) declined by 22.1% in June, according to data provided by S&P Global Market Intelligence. The move comes from a price decline in lithium carbonate and a deteriorating indicators around the electric vehicle (EV) market.

The first issue is an immediate reaction to falling revenue and profitability at Albemarle, and the second issue is investors pricing in less favorable future outcomes for the company's profitability.

The company's stock price is down about 7.5% today so we wanted to review their chart from a price action technical analysis perspective.

We have featured over 220 Charts of the Day during the past year and teach Price Action Trading for FREE  to traders who join our Highly Rated Trade Room.

Monthly Chart 

Albemarle monthly price action technical analysis review

On the monthly chart we can see that after setting its $334.55 all time high (ATH) back in 2022 price fell dramatically over the next couple of years melting through many potential support levels in "free fall like mode" searching for a  bottom..

The bulls have yet to step in with any lasting conviction.

Weekly Chart

Albemarle weekly price action technical analysis review

 
On the weekly chart we can see with much more clarity the dramatic fall from ATHs and where price briefly shot up over $350 then reversed starting a downward cycle.

Trading around $91.25 today price has been attempting to find a bottom but unsuccessful so far.

Price is approaching a multi year support zone seemingly with a potential decision to make.  Could this be level that price turns back to the upside or will it continue falling?

Only time will tell for sure what price will do next...

We've layered in traditional Fibonacci levels as well as support/resistance and trend to help identify potential price levels of interest and/or future price targets.

Armed with precision oriented charts like these both traders and investors can formulate their respective plans.

So what's next? 

We don't make predictions...

Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.

  1. Support/Resistance
  2. Trend
  3. Fibonacci 
  4. Supply/Demand Zones,
  5. Change Control Zones

ChartPros provides the exact methodology in its price action technical analysis courses to create charts like this with the most precise and accurate levels from which investors and traders can formulate their respective trade plans.

Take a look at the charts and let us know what you think.  

We'd like to hear from you in the comments sections.

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