Madrid

Multiple Tops looking to break above 18

Short
NYSE:AA   ALCOA CORPORATION
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1
DEC08:Multiple Tops at the 17.75 level, unable to break this historic level plus a weakening trend and a negative divergence make this stock to think it over before retrying the break above the 2011 levels.
It looks like this will take a break before attempting a close above 18 again. It has support at the 14 level.
I am bearish in the short term, looking for 15.30 looks a reasonable target to the downside and an opportunity for the stock to retry another upleg looking for the 18 value once it reaches the 0.764 Fib Level.
I wouldn't short it for too long since the main trend is bullish ,

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