Alcoa CorporationShort
AA Short
Action today was relatively strong with a gap up and breakthrough of major resistance points at ~$40 and the 20EMA; however, breakthrough had poor conviction and didn't hold, immediately trending back down below $40. On a lower time frame (5 minutes), multiple retests of the $40 range were rejected, leading to a large topping tail on the daily chart.
# Bearish bias for now. Premarket action will dictate direction tomorrow
# Likely see a retrace / gap fill back down to the 9EMA, which is a confluence zone with a pivot point at ~$37.50
# Bearish bias for now. Premarket action will dictate direction tomorrow
# Likely see a retrace / gap fill back down to the 9EMA, which is a confluence zone with a pivot point at ~$37.50
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