Short term view - ALCOA : The rising moving average confirms our opinion.
The trend is still bullish, the invalidation level is below $39.70. The target is at $49.40.Arguments :
- The resistance has been passed.
- Prices made a new high, this confirms the strength of the trend.
- The rising moving average confirms our opinion.
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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