Technical Analysis – Alcoa’s stock brightens bullish outlook at fresh record high
Alcoa’s shares surged to a new all-time high of 72.21 on Wednesday, raising their year-to-date gains to +20%.
The stock has upgraded its long-term positive outlook above the seven-month-old bullish channel, though with the price having closed twice above the upper Bollinger band, the odds for a downside correction in the short-term are looking increasingly high as the RSI and the Stochastics hover in overbought territory.
A bearish reversal could initially test the channel’s upper boundary and Tuesday’s floor of 67.00 ahead of the former resistance zone around 64.00. The 20-day simple moving average (SMA), which is converging to the 61.00 round level, could next come to the rescue before the spotlight turns to October’s high of 57.38, where the 50-day SMA is currently laying. Lower, a forceful decline below 54.00 would put the upward pattern at risk, though only a step below the channel’s bottom around 49.00 would damage buying confidence.
In the event the price sails northwards in the uncharted territory, the next stop could be somewhere between the 79.65 level and the 80.00 psychological number, the former representing the 261.8% Fibonacci extension of January’s short downfall.
All in all, Alcoa’s bullish trend continues to strengthen and while some weakness could emerge in the near term as the price is trading in overbought waters and at fresh record highs, buyers may not easily abandon the market unless the price dives below 48.00.免責聲明: XM Group提供線上交易平台的登入和執行服務,允許個人查看和/或使用網站所提供的內容,但不進行任何更改或擴展其服務和訪問權限,並受以下條款與條例約束:(i)條款與條例;(ii)風險提示;(iii)完全免責聲明。網站內部所提供的所有資訊,僅限於一般資訊用途。請注意,我們所有的線上交易平台內容並不構成,也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。
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