ALB has been downtrending over the past 2 months and currently appears to be reversing at the 23.60% Fibonacci Retracement. Additional confirmation from Spectro M's Scalp setting reversal tool, as seen in the shaded vertical band, Spectro's X Confirmation, and Spectro O using symetric weight and Murrey. The price reversing at the bottom of the Murrey Spectrum alludes to potential for a nice run. In addition, if viewing the 1D chart, a Sectro Alpha indicator appeared 2 candles ago with Spectro M's Volatility tool.
When I looked at volume using Spectro O and Murrey, it indicates volume pointing downward still at the bottom of the murrey range. My read on this, is the potential for further correction to a full Fibonacci retracement exists.
If entering now, I would utilize a tight stop in the case of a full retracement.
Analysis by AlchemistLA
Note:
I am a Hypester team member and a novice currently learning TA. Any suggestions and/or corrections of my analysis are encouraged. Thank you for helping me in my journey through your feedback.
When I looked at volume using Spectro O and Murrey, it indicates volume pointing downward still at the bottom of the murrey range. My read on this, is the potential for further correction to a full Fibonacci retracement exists.
If entering now, I would utilize a tight stop in the case of a full retracement.
Analysis by AlchemistLA
Note:
I am a Hypester team member and a novice currently learning TA. Any suggestions and/or corrections of my analysis are encouraged. Thank you for helping me in my journey through your feedback.