Close to the 50 Day Moving Average: Alcoa
Published on Tuesday, 21 August 2012 05:28 Written by TradersHuddle Wire
New York, August 21st (TradersHuddle.com) - Alcoa, Inc. (NYSE:AA) closed the trading day at $8.80, near its 50 day moving average that is set at $8.54. Alcoa's price action is just above this important support level, providing a trading opportunity.
Alcoa Inc. (NYSE:AA) produces primary aluminum, fabricated aluminum, and alumina, and participates in mining, refining, smelting, fabricating, and recycling. Its products are used in aircraft, automobiles, commercial transportation, building and construction, oil and gas, defense, and other industrial applications. Alcoa was founded in 1888 and serves customers worldwide.
The peaks and troughs algorithm shows calculated support at $8.10 and calculated resistance at $8.98. These levels should also be evaluated when planning trades, as they provide an insight into the latest price action.
Traders wanting to establish a position on Alcoa should look for evidence of buying near the 50 day moving average, and open this position as close as possible to this important level. Also, they need to consider the latest range defined by the peaks and troughs algorithm for insights on other key levels that might impact an upside or downside move.
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