Short term view - ALCOA : Prices are breaking below the moving average, it is a sign of weakness.
The support has been broken, the trend becomes negative as we now have a succession of descending peaks and troughs.The next target is at $39.82. The invalidation level is above $46.00.Arguments :
- The support is close.
- The 50% retracement is close.
- The MACD is...
Alcoa is a vertically integrated aluminum company comprised of bauxite mining, alumina refining, aluminum production (smelting, casting, and rolling), and energy generation. Through direct and indirect ownership, the company has 30 operating locations in nine countries around the world, situated primarily in Australia, Brazil, Canada, Iceland, Norway, Spain, and United States.
DayByDay is an independent research company providing global macro and single stock analysis, recommendation and allocation based purely on behavioural finance methods. Those include long term cycle analysis, sentiment analysis, and technical trigger. DayByDay serves all clients in need of practical and precise publications to make effective market decisions, on any time horizon, from a few hours to a few years.
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