Short term view - ALCOA : The major support has been reached, it causes the bounce.
The previous high has been passed, the bullish trend is confirmed. The next target is at $61.8000. The invalidation level is below $44.0000.Arguments :
- The major support has been reached, it causes the bounce.
- The resistance has been passed.
- The 50% retracement is causing the bounce.
- Prices are breaking above the moving average, it is a sign of strength.
- The bullish gap opened as prices break out of the pattern announces a rally.
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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