ALB heating back up
After breaking down from a falling wedge, ALB undercut a long term support line and things looked precarious. Recent weeks have thrown a lifeline to the beleaguered shares with news of China's CATL cutting lithium production and now Rio Tinto's Arcadium takeover bid.
The Rio Tinto bid could have gone another way, since the bid in ALB's stock late last week centered around speculation they could be the acquisition target. It wouldn't have been surprising to see shares slump this morning, but the rally is in tact.
Featured here is the 4 hour chart, where we can see the price has broken through the 200 period moving average. Next up is a golden cross on the short term chart, and we're also looking for the daily chart to register an overbought reading to further validate the rally. Often times overbought signals a near term pullback, and that would be unsurprising. These cupping patterns can have violent breakthroughs or breakdowns as the price tries to penetrate to the upside.
Be patient. It may take a few weeks for momentum to build, but taking a step back to the montly chart we can gauge the potential of the rally that could well be underway. The $120's gets us back to the range before things broke down recently, that area looks very likely, and for the more patient $140 would take us back to the highs of 2017.
The Rio Tinto bid could have gone another way, since the bid in ALB's stock late last week centered around speculation they could be the acquisition target. It wouldn't have been surprising to see shares slump this morning, but the rally is in tact.
Featured here is the 4 hour chart, where we can see the price has broken through the 200 period moving average. Next up is a golden cross on the short term chart, and we're also looking for the daily chart to register an overbought reading to further validate the rally. Often times overbought signals a near term pullback, and that would be unsurprising. These cupping patterns can have violent breakthroughs or breakdowns as the price tries to penetrate to the upside.
Be patient. It may take a few weeks for momentum to build, but taking a step back to the montly chart we can gauge the potential of the rally that could well be underway. The $120's gets us back to the range before things broke down recently, that area looks very likely, and for the more patient $140 would take us back to the highs of 2017.
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