Looking at ALB, it can be seen it recently broke free of its downtrend set back from Jan but has continued it's momentary downtrend (as shown by the two red lines). As it stands two scenarios I see playing out..
Bullish case: ALB can push through this downtrend line, bounce off it as support and then onto the next challenge of the red resistance band at 160-162.
Bearish case: ALB could either attempt an up move and get rejected, then follow some sort of path down as represented by the red arrows. It could also fall without but I'd expect some attempt at going up before a simple imminent drop off.
I'm long with ALB so in the event the price is rejected, I'd average down if it drops to support of 138-140 zone.
Bullish case: ALB can push through this downtrend line, bounce off it as support and then onto the next challenge of the red resistance band at 160-162.
Bearish case: ALB could either attempt an up move and get rejected, then follow some sort of path down as represented by the red arrows. It could also fall without but I'd expect some attempt at going up before a simple imminent drop off.
I'm long with ALB so in the event the price is rejected, I'd average down if it drops to support of 138-140 zone.
Comment:
Following the more bearish scenario but not looking too concerning.
Comment:
Close to downtrendline
