AA - short term weak

Alcoa (AA) has been leaning weak for a few weeks, and with the main market seeing the first sig' weakness in a few months, the stock rapidly cooled, settling -5.6% at $43.33. There is major support around $40.00, which should comfortably hold. M/t bullish to $60.00.


AA daily

Summary

Suffice to add, even after the climb from the $28s a year ago, with an FPE in the 13s, the stock is still not expensive,

Short term threat of testing the $40.00 threshold, but that should comfortably hold. M/t bullish above the Oct'24th high of $50.31, and onward to next soft psy' level of $60 by mid 2018.