Alcoa has fought higher since October, and some traders may expect further upside.
The first pattern on today’s chart is the December 27 high of $35.03. The aluminum company rallied above that level in early April and retested it in mid-April. Has old resistance become new support?
Second, AA is nearing its previous 52-week high of $38.20. Chart watchers could pay attention to that level for signs of a breakout.
Third, the 8-day exponential moving average (EMA) has stayed above the 21-day EMA since early last month. That may reflect a bullish short-term trend.
Finally, the 50-day simple moving average (SMA) had a “golden cross” above the 200-day SMA in early April. That may suggest the longer-term trend is getting more bullish.
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Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options or futures); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at www.TradeStation.com/DisclosureOptions. Before trading any asset class, customers must read the relevant risk disclosure statements on www.TradeStation.com/Important-Information/. System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
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TradeStation Securities, Inc. and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., both operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit www.TradeStation.com...isclosureTSCompanies for further important information explaining what this means.
The first pattern on today’s chart is the December 27 high of $35.03. The aluminum company rallied above that level in early April and retested it in mid-April. Has old resistance become new support?
Second, AA is nearing its previous 52-week high of $38.20. Chart watchers could pay attention to that level for signs of a breakout.
Third, the 8-day exponential moving average (EMA) has stayed above the 21-day EMA since early last month. That may reflect a bullish short-term trend.
Finally, the 50-day simple moving average (SMA) had a “golden cross” above the 200-day SMA in early April. That may suggest the longer-term trend is getting more bullish.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options and futures. See our Overview for more.
Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options or futures); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at www.TradeStation.com/DisclosureOptions. Before trading any asset class, customers must read the relevant risk disclosure statements on www.TradeStation.com/Important-Information/. System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
Securities and futures trading is offered to self-directed customers by TradeStation Securities, Inc., a broker-dealer registered with the Securities and Exchange Commission and a futures commission merchant licensed with the Commodity Futures Trading Commission). TradeStation Securities is a member of the Financial Industry Regulatory Authority, the National Futures Association, and a number of exchanges.
TradeStation Securities, Inc. and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., both operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit www.TradeStation.com...isclosureTSCompanies for further important information explaining what this means.