Alcoa is such a mystery to me. On one hand, I want to add to an already heavily hedged long position but looking at the general downtrend and the recent consolidation here, I'm wondering if AA is destined for another leg down, that might bring prices to 25 or even 17. I keep thinking that whenever I want to add to my AA position, I should buy Nucor instead but even as NUE continues to act very strong, I keep looking at AA. Don't know why, doesn't even pay a decent dividend, just a tad over 1%. That also concerns me as many materials stocks are paying 3% or better.
Running out of time here as a breakout one way or the other is destined to occur. The wave analysis seems to indicate lower prices.
Anyone follow AA? Thoughts welcome!
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Looks like Alcoa could get much cheaper! Is it worth keeping as an investment for the long term?