littleriver

Alcoa looking to break higher.

NYSE:AA   ALCOA CORP
135 4 0
Alcoa             continues to look strong. It just completed an IHS             as it looks to move higher. A break
to confirm appears imminent. I have a target near 13.30 with a stop of 11.70. Next is
an RSI study where below the red line is buy zone and above yellow line is sell zone roughly.
motleifaul
2 years ago
Pay attention to the bearish divergence in RSI and the very low trading volume.
Volume is also decreasing when the rate is growing. I wouln't trade this pattern.
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littleriver motleifaul
2 years ago
Thank you for sharing your perspective. However, we will have to agree to disagree on this one. I really like it. Here is a chart with a bit more detail on why i like it. The market does not always repeat itself but often it does.

snapshot
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littleriver
2 years ago
snapshot


Going into the close here, I really like todays candle for an entry on Alcoa. Nice pin off 34ema and uptrend line which have served as support during this run. Also, on the RSI study we are now below the red line, which has been a nice entry point in the past.
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littleriver
2 years ago
snapshot


Price action suggests selling at this level is diminishing. Next bull push is likely to push through. On initial run bulls were strongly rejected and spent little time in zone. On second run, as supply faded, price was rejected less sharply and spent more time in zone. Also, price moved away from zone is in a much less hurried manner on second run than first.
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