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.
Comments
olegm2
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agreed
landofand
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Followed.
Razvan
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Rio right over the last top, next to the trend line, Alcoa almost hit the target and ACH close to the resistance .
charttrader
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Everything going up:)
Razvan
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The FED decision came as a confirmation for the up move, this way China might follow and good conditions for aluminium imports will be created :)
charttrader
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Agreed.
kietnguyen
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Followed.
timwest
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Followed.
timwest
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Agreed.
Razvan
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Nice changes in the price of RIO and Alcoa, let's see if ACH can keep up