Alcoa reports on January 12th to kick off the next "Earnings Season"!
Get ready for action.
The red boxes represent the "DOWNSIDE" price action of the market from the start of the Earnings Reporting season as measured by Alcoa reporting earnings. You can see we have had a variety of quarters with some very small downside risk and the last two have been larger...
DEC08:Multiple Tops at the 17.75 level, unable to break this historic level plus a weakening trend and a negative divergence make this stock to think it over before retrying the break above the 2011 levels.
It looks like this will take a break before attempting a close above 18 again. It has support at the 14 level.
I am bearish in the short term, looking for...
Alcoa Inc (H1)
Price hit long term uptrend_line from beneath, resistance and formed a triangle like formation, and broke down from it, and under Wedge, and long term horizontal line. (could be a pennant continuation-bullish, in case of recovery)
Wolfe Waves 5 potential.
OBV at horizontal resistance.
RSI geometry, brake_down from triangle like formation, on longer...
The weekly chart of Alcoa does not look great for the long term, as it might draw a topping formation. However, for the next couple of weeks, it remains bullish
On the daily chart, we have green impulse, rejection of the wave, and a bullish engulfing candle. Not the best trade because this stock stands at an important level.
This is a paper trade.
Bearish setup in $AA as the stock struggles with resistance zone and the 78.6 Fib reversal level.
A potential rising wedge formed in the daily chart. Wedge breakdown could lead to a continuation move lower towards 15.6 (initial target level)
Over 2 months ago, we posted a possible trend reversal and it indeed was, and target for that trade was achieved. Many asked for update if Friday's strong runaway gap up is a continuation of previous upside trend or was it a technical bounce. Hard to tell, but price action and volume was not two things to ignore. Here is what we had to say that post (Hard to...
Alcoa has become extended and been a great trade that I took part in from 2013, but I don't thin there is much upside left. Given the Fibonacci extensions and inability to break the 50dma after-hours given 3Q earnings I think we are simply seeing a re-test of a broken trend line and setting up for a move lower. I would not be surprised to see a "sell the news"...
Metals & Mining have been underperforming the S&P since August as commodity markets sold off.
Alcoa has now entered a downtrend after reaching a double top at 2011 highs near 17 a share.
The Bearish divergence between price and MACD also suggests more downside in the new confirmed downtrend.
Initial target: 38.2% Fibo retracement at $14 a share
Hard to detect early if trend specially strong one like AA is about to reverse, but our system signals that is the case for the stock. If you are long this stock, you may start the preparation to book profit before its too late. As u may see this weekly chart, there are some similarities of previous strong trend reversal and this one. If price moves below $16 next...
U.S. futures decline, Alcoa to kick off earnings; Dow Jones down 0.12%
ABC retracement elliott wave count pattern forecast + Gann+ Fibo
Bearish divergence
$12.5 target nov 2014
Alcoa has had a terrific 2014 but could this run be coming to an end, at least temporarily? With earnings in less than a couple of weeks away, price is making a new 52 week high right into resistance on declining volume. Looking at the MACD, we have clear divergence with a crossover looking imminent. Plenty to be cautious about here.
