Don’t count on lithium company Albemarle Corporation (NYSE: ALB) returning to its recent highs anytime soon: significant resistance has formed in the market.
Resistance is a significant number of sellers who have gathered around the same price level. There is more supply than demand for the stock at these levels, and uptrends end when they reach them.
Albemarle ran into resistance at the $160 level in February and March and trended lower in both instances.
If Albemarle rallies to this level, there’s a good chance the same thing will occur again.
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