Cekaj
Long

Alcoa Corporation Ascending Triangle Bottom

NYSE:AA   ALCOA CORPORATION
Price is currently around the 2009 and 2016 lows (very important lows, especially considering the significance of those 2 dates).
It is now in the process of forming an ascending triangle (currently on what could be the 5th and last touch of the pattern boundary.

I will enter this trade if the breakout occurs. I am not interested in prepositioning myself because this stock is technically still in a downtrend, so I need to see a powerful breakout with significant volume .

Comments

False breakdown throwing a hook at rising support? Yesterday's doji followed by strong rally today seems to indicate just that... today's close and monday will be important to decide... the long opportunity is present indeed.
+1 Reply
I'm looking to enter if it breaks 22 with some volume.
Reply
Cekaj Brennevin
@Brennevin, yes, decent entry strategy, I don't like to enter chart patterns before the breakout however. I will only enter before the breakout if a lower timeframe chart pattern occurs.
Reply
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