Alcoa Is Close to Resistance
Published on Thursday, 27 December 2012 05:28 Written by TradersHuddle Wire
New York, December 27th (TradersHuddle.com) - Shares of Alcoa, Inc. (NYSE:AA) are trading very close to calculated resistance at $8.91. The stock ended the trading session at just $8.73, which is near levels that make it difficult to buy or start a position.
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.
Alcoa's stock range is defined by its calculated support defined at $7.98 and by the resistance level at $8.91; the stock is clearly over-extended from support, making it harder for participants to establish fresh longs.
Traders don't have a clear entry point for Alcoa. However, as the stock pulls back towards $7.98 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $8.91 then traders will get an opportunity to enter the stock as it moves to a higher range.
- 'Unusual Event' Declared and Ended at Susquehanna Nuclear Plant
- PPL's Presentation to be Webcast from Barclays Conference
- Court Ruling Removes Final Hurdle for Susquehanna-Roseland Line Construction
- PPL to Pay Quarterly Stock Dividend Oct. 1
- Power Line Construction Set to Begin in Delaware Water Gap National Recreation Area
- PPL Presentation at Goldman Sachs Conference Aug. 8 to Be Webcast
- PPL Corporation Reports Second-Quarter Earnings
- PPL Corporation to Conduct Webcast on Second-Quarter 2013 Results
- Operators Reconnect Unit 1 at PPL Susquehanna to Power Grid After Completing Valve Repair
- Unit 1 at Susquehanna Nuclear Power Plant Disconnected from Grid for Valve Repair
Related Partner Headlines
Recent Trading Ideas
Latest Partner Headlines