Over the weekend in our Focus List Review we discussed how the general market action shapes and shifts short-sale (and long, for that matter) set-ups in real-time Albemarle (ALB) is a good example of how this can occur. The stock initially triggered a late-stage failed-base and double-top type of short-sale set-up eight trading days ago when it busted the 20-dema and the 273.68 left-side peak of a big double-top formation. A weak rally into the 20-dema last Tuesday appeared to offer a fresh short-sale entry, but the result was a quick stop-out at the stock pushed above the line. On Friday it cleared to new highs and the 298.17 peak over just over two weeks ago, triggering a double-top short-sale (DTSS) entry at that point using the 298.17 price level as a covering guide, thus is a short-sale entry set-up and trigger in force currently as we write intraday.The weekly chart of ALB shows that there are in fact three potential left-side peaks that could come into play here as DTSS entries. The first occurs today at the 298.17 peak of two weeks ago. There is then the 291.48 left-side peak from way back in November 2021 and the 273.68 left-side peak (which ALB broke below two weeks ago), of the short three-week V-shaped cup formation shown on the daily chart above.
ALB illustrates how the short side has to be worked diligently with a keen awareness of cover points and potential short-sale entries as the set-ups develop in real-time and is worth studying, maybe even even worth campaigning on the short side for those with the experience and knowledge to do so.
Short-Sale Set Up - Albemarle (ALB) Follow-Up 9/12/22
|Published:||12 Sep 2022 11:49 ET|
This information is provided by MoKa Investors, LLC DBA Virtue of Selfish Investing (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2023 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.