AA has all its moving averages converging, setting it up for a rounding pattern upward to the $9 level. It has been channeling making high lows and is now sitting at the bottom of the channel. Looking for it to make a move to the top of the channel where it'll find resistance
Alcoa Corporation (AA - US) is in impulse wave sequence. It is very weak stock compared to SPX. 4th wave was very complex and like a bear flag. 5th wave is already started down and moving towards new low when it finished.
Alcoa Corp (AA - US) is going down for 5th wave down. It’s already broken down to 4th wave triangle. So next move will be very fast down. Sell with stops above 8.09 level as prices rise little on Monday as Spx is expected to go up slightly before going down further.
First off, please don't take anything I say seriously or as financial advice. As always, this is on opinion basis. That being said, let me get into a few of my insights. Right now given the time period we are in, AA went down in the demand curve as a precious metals provider for aluminum mining. I expect an $8 target is imminent during this bearish period, and one...
4H Chart Explanation:
- Price is on a Down Trend on a Weekly Basis.
- Price is on the top of the Micro Ascending Channel.
- Now, price can break it up or down. If it breaks it up, it has potential to move towards the Descending Trendline. If it breaks it down, it will move down towards the Support Zone.
Weekly Vision:
Daily Vision:
Updates coming soon!
Daily Chart Explanation:
- On a Weekly Basis, it is on a down trend.
- However, price bounced on the Support Zone.
- Now, it has potential to move up towards the Resistance Zone.
Updates coming soon!
Daily Chart Explanation:
- Price is on a Descending Trend.
- It si close to an important Support Zone.
- We expect price to get to there before looking for buy setups.
Weekly Vision:
4H Chart Vision:
Alcoa this morning was trading at a price to book of .2. It has broken the immediate downtrend resistance. This morning it was at support from 1975 and held. It is the most oversold it has ever been in its history. Might be interesting to begin scaling a position as the market goes dow
4H Chart Explanation:
- Price broke the Ascending Trendline and started the down move.
- Now, its on the Support Zone.
- If it breaks it, it will go down to the All Time Lows.
Weekly Vision:
Daily Vision:
Updates coming soon!
4H Chart Explanation:
- Price broke the Ascending Trendline and started a huge down move.
- Price broke the Support Zone (Resistance Zone now).
- We are expecting a correction that allow us set a trade towards the next Support Zone.
Weekly Vision:
Daily Vision:
Updates coming soon!
Can't really make a trade here, but thinking about the relative value of other businesses, Alcoa getting below $2B valuation with $128M in FCF is a weird place to be. Other industrials could quickly nab them to maintain supply chains and consolidate the group.
From a technical point of view, ALCOA has reached a very important support area and if it manages to keep it, a technical rebound or a reversal trend is possible.
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4H Chart Explanation:
- Price broke the Descending Trendline on a Weekly Basis.
- Price bounced on the Support Zone .
- If price breaks the next Resistance Zone, it has potential to move up.
Weekly Vision:
Daily Vision:
![AA: [ALCOA] Potential pullback or reversal....](https://s3.tradingview.com/b/BebWF7sj_mid.png "[ALCOA] Potential pullback or reversal....")
