Tuesday, 16 June 2015

AA - a bounce within the broader downtrend

With the main market closing moderately higher, Alcoa (AA) was similarly on the rise, settling +0.25% @ $12.03. The broader down trend remains comfortably intact, with viable downside to the $10/9 zone later this summer, not least if the sp'500 loses the psy' level of 2K.

AA, daily

AA, monthly


Suffice to say... broader trend for AA remains bearish, with the giant monthly cycle offering rather natural support around the $10 threshold.

*I've long term confidence in the company, but for now.. it appears to be a case of waiting for the 10/9s.. before considering the down trend from Nov'2014 @ $17.68.. as complete.