Rio Tinto is one of the biggest extracting companies, of aluminium, so it has a direct correlation with its price. We can observe higher highs and lows. (On the aluminium price a double bottom formation is almost finalized, a break might bring further appreciation)
Alcoa and Aluminum Corporation of China Limited, have also a direct correlation with the aluminium price. And as we can see they are consolidating really close to a bottom. A rise in the price of the metal will drag a rise in the stocks price.
RIO TINTO - The bounce from the trend line might send the price to the rejection line
ALCOA - A break through the resistance might send the price to the price pattern's target
ACH - The bounce from the rejection line might send the price to the resistance, and later confirm the upward move with a HL, just like RIO and AA.
Overall bullish signs from the TA, but also positive signals from the fundamentals which might help Aluminium price to get higher.
Alcoa and Aluminum Corporation of China Limited, have also a direct correlation with the aluminium price. And as we can see they are consolidating really close to a bottom. A rise in the price of the metal will drag a rise in the stocks price.
RIO TINTO - The bounce from the trend line might send the price to the rejection line
ALCOA - A break through the resistance might send the price to the price pattern's target
ACH - The bounce from the rejection line might send the price to the resistance, and later confirm the upward move with a HL, just like RIO and AA.
Overall bullish signs from the TA, but also positive signals from the fundamentals which might help Aluminium price to get higher.