Alcoa Inc: bears in control but rebounds are behind the corner

On the 11/01/2016 Alcoa Inc. close was at 8 (-0.87%). The major oscillators confirm the downward trend. Marked a eighth consecutive negative trading session.

On the 11/01/2016 Alcoa Inc. close was at 8 (-0.87%). Marked a series of 8 consecutive higher lows. Technical view is negative and leaves assume the down-trend continuation but for intraday trading session we can’t exclude rebounds towards the most significant resistance levels. The major oscillators confirm the downward trend. Marked a eighth consecutive negative trading session. We suggest to monitore today closing.

ALCOA INC.

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Simple Moving Average (SMA)
The price is below the 14 days moving average (SMA value is 9.362). The short term view is therefore bearish, however for today trading session we can’t exclude retracements towards the most significant resistance levels.
Volumes
Daily chart shows volume is higher than the previous day. This could be a sign of a significant move to come.


Support and Resistance levels
7, 15 and 30 trading days Performance. Support, Resistance and Pivot Point levels. Last updated closing price: 11/01/2016.

Performance: 7 trading days= -18.95% – 15 trading days= -13.33% – 30 trading days= -14.16%

Resistance levels: R1= 8.225 – R2= 8.455 – R3= 8.845
Pivot Point: 8.065
Support levels: S1= 7.835 – S2= 7.675 – S3= 7.285


DAILY TRADING SIGNALS

Buying opportunity above 8.04, targets minor resistance at 8.135 and perhaps as far as strong resistance at 8.205, where sellers could regain control. Above that level it could trigger an acceleration to the upside with the next target at 8.38.

Selling opportunity below 7.98, targets minor support at 7.885 and perhaps as far as strong support at 7.815, where buyers could get back into the market. Below that level we could expect a bearish downward movement with the next target at 7.64.