For today's chart we've chosen to take a look at Albemarle Corp.
) because it broke above an influential level of short-term resistance
. As you can see from the chart below, the descending trendline prevented the stock from heading higher in the past, but now that the price is above, we expect that many traders will be watching to see if it acts as a level of support in the event of a pullback. A close above a descending trendline, like the one shown in the chart, is commonly used by technical traders to predict a shift in the prolonged down trend. Bullish traders will likely protect their positions by setting a stop-order below the nearby trendline.