ALB has my favorite profile: Breakout, reversal, pivot, support
Updated
ALB has just recently moved out from under two downtrend lines and is just above pivot at $71.
Rising uptrend line off of Aug $59 lows now gives support at the $70 level as well.
First attempt to break out from 2 year downtrend will test first resistance at $76 level.
Weekly RSI is in a rising uptrend with reading just above 53 level as well.
BUYING now in the low $70 area with stop loss at the Dec 16 breakout day opening of $67.50
Long position module on chart will track progress of both new uptrend and target trades for 2020.
Second resistance level is at $82.60 which is used as target on long position chart module.
Main target is the bottom of previous price channel at $92.27 last seen 11 months ago.
This channel was ongoing for over 12 months with higher end at $108.
Top pricing of two year downtrend was at $127, therefore that is ultimately the target for any new structural change in trend (off of August lows) going forward.
Therefore with 5/1 risk reward I am risking $4 to make $20 with the $92 price target during 2020.
Trade to win...Trend is your friend...Manage the risk...Make your success.
Dr. RAV
Rising uptrend line off of Aug $59 lows now gives support at the $70 level as well.
First attempt to break out from 2 year downtrend will test first resistance at $76 level.
Weekly RSI is in a rising uptrend with reading just above 53 level as well.
BUYING now in the low $70 area with stop loss at the Dec 16 breakout day opening of $67.50
Long position module on chart will track progress of both new uptrend and target trades for 2020.
Second resistance level is at $82.60 which is used as target on long position chart module.
Main target is the bottom of previous price channel at $92.27 last seen 11 months ago.
This channel was ongoing for over 12 months with higher end at $108.
Top pricing of two year downtrend was at $127, therefore that is ultimately the target for any new structural change in trend (off of August lows) going forward.
Therefore with 5/1 risk reward I am risking $4 to make $20 with the $92 price target during 2020.
Trade to win...Trend is your friend...Manage the risk...Make your success.
Dr. RAV
Note
Good moves for first two weeks on this trade. Nice green candle this week with price clearly above uptrend line of support and direction. First resistance test was passed and today's high was close to next battle line that I see near $82.60Note
Had auto trade sell 25% of my trade position today at $90 thereby locking in close to 28% gains in one month :) Will look at momentum indicators and factors to gauge whether to cash out on second 25% before or near the next price target.
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