Buy Zone mentioned in above chart. Disclaimer: The information and analysis provided in this publication are for educational purposes only and should not be construed as financial advice or recommendations to buy, sell, or hold any securities. The author and TradingView are not responsible for any investment decisions made based on the content presented herein....
ALUM currently facing a resistance at 8.8 AVWAP level. Breakout from this level will lead to 9.3 area where it will meet the fib golden pocket.
With the breakout of both Falling Wedge and Inverted Head and Shoulders patterns, the stock may reach Fibonacci 0.5 levels. However, a retest of the neckline at 7.30 is also possible. To manage risk, traders may consider placing their stop loss at the previous higher low of 7 or just below the neckline.
Based on the breakout of the Falling Wedge pattern, ALUM shows indications of a bullish continuation with a potential progression towards FIB retracement levels of 0.5 and 0.618 once current resistance level of 7.30 is broken.