Will Alcoa Continue Lower?
Alcoa rallied early last year after the Ukraine war threatened aluminum supplies. It’s struggled since and now some traders may expect further pushes to the downside.
The first pattern on today’s chart is the series of lower highs since August (marked with red arrows). Those may reflect a lack of long-term interest in the name.
Speaking of long-term moves, the 50-day simple moving average (SMA) recently had a “death cross” under the 200-day SMA.
Third, prices knifed under December’s closing low of $42.22 in mid-March. They formed a tight channel above roughly $38.50, but ended last week below that support.
Finally, the weaker macroeconomic environment may drag on a cyclical material stock like AA.
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Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
The first pattern on today’s chart is the series of lower highs since August (marked with red arrows). Those may reflect a lack of long-term interest in the name.
Speaking of long-term moves, the 50-day simple moving average (SMA) recently had a “death cross” under the 200-day SMA.
Third, prices knifed under December’s closing low of $42.22 in mid-March. They formed a tight channel above roughly $38.50, but ended last week below that support.
Finally, the weaker macroeconomic environment may drag on a cyclical material stock like AA.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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