Inverse Head & Shoulders $AABearish
Inverse head & shoulders formation.
Retest neckline
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AA trade ideas
Alcoa is going to make a run for $62.50 This looks like a solid long setup here. They'll try to bring price up to the high volume node at around $62.50, which also happens to be the 50% retracement of the entire leg down.
AADaily view. Nasty drop after that bear flag broke down. Looks like earnings next Wednesday. Could get a decent bounce to let some more big money out of the name.
AATagged my $39.57 level to the penny today. This level dates back to 1997. Might not be the worst level to try a long for a bounce.
$AA ~ Chess game going as expected...Correcting nicely... Love the company and will be a amazing opportunity down the road. Lets follow together and enjoy the ride. Next cycle will be different.
[Chart of the Day] Alcoa, critical levelAlcoa has dropped about 40% from its recent high of 98.00. In the past two weeks, it had dived even further.
Price seems to have created a lower high at 67.00.
It is current at very critical trendline support at 53.00. Do note that 55 is also the previous resistance back in Apr 2018.
Price to most likely consolidates between 53.00 and 67.00 for now. However, if 53.00 is broken, we will be looking at the long-term downtrend price action.
Alcoa is one of the beneficiaries of the Russian/Ukraine conflict along with the fertilizer sectors such as Mosiac. Also, note that Mosiac is facing a similar breakdown to Alcoa.
Our Summary: Current price may be too late for short. If the price rebounds back to the 67.00 level and bearish price action is seen, shorting may be a good position to take. Likewise, if there are bullish candles at 53.00, long positions may be taken as well. The range between 67.00 and 53.00 is big enough to trade. As mid-term trend and near term trend is bearish, we may be leaning more towards the short position.
Alcoa - time for a deeper correction?Log scale on the right chart, where we can identify a clear breakout to the downside.
No Armageddon, although, the stock may face some selling pressure for quite a prolonged period of time.
Short AAWe have two scenarios, 1. we go straight in $42 dollar zone, or 2. we go up to $100 zone, and fall right back down in to $42 zone. One or the other way I'm going short.
AA bouncing off support + Massive FlowThis trade has a great R:R imo.
Just a couple of days ago some heavy flow came into the January $75 calls. Over $5MI in premiums.
Price is bouncing off support and showing reaction.
Stop loss can be just below support and target can be $75 / $80
AA long scenarioMarket finished 1 to 5 Elliot wave theory and we are forecasting that this is the end of an ABC correction because it is 0.382 fib zone and top of the accumulation zone.
Entry: 65
Invalidation: 53
Target: 88 (middle of the accumulation zone)
AA.NYS_Breakout Trade_LongENTRY: 88.02
SL: 79.15
TP: 98.09
- ADX<20. Would like to be higher.
- Daily RS +ve
- Daily FFI -ve
- Weekly RS +ve
- Weekly FFI +ve
- Maintaining and looks like rebounded well around pivot point "P".
- Looks like possible channel movement off the bottom
- Entry based on breakout from Swim Trading VZ and Monthly CPR today but prefer it closed above.
Make or break area 👀AA at trend resistance, seems like its trying to breakout.. if it can my targets are 94.63-101.52-108.41
a break back below the trend can send it to 80.22-69.26
2022 Actual Trade: AA +31% Profits - 3-4 month base build a flat channel pattern in the tight range 44-52
- first entry point occurred 12/16/2021 at 52 when AA broke out the pattern
- we missed this entry point but we waited until its first consolidation 56-64 until early February
- obviously, AA was ready to make its prime time rally on February 7-8 when getting out 64 so it was our entry point 02/08 at 67
- the timing was right that AA took off immediately for the rally
- Fast February gave us enough buffer to hold through the tough March
- Then, another rally again gave the opportunity to take +31% within two months
Wyckoff Tape Reading - $AA - BullishBackground - Mar 20, 22
* 🐂
* Maybe at an oversold condition
Current Condition
* I don't see SOW 🚫 🐻
* Reactions on decreasing volume
* Coming to reaction -> re-rest at 90
What am I looking for
🐂 - high vol absorption at 90
🐂 - low vol reaction to 71 support and buy spring
🐻 - Don't see anything in the immediate future
Video Analysis cln.sh
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AA: Upside ReclaimAA upside reclaim with strength in the sector due to windfalls in the industry. Growth in the company is expected as a result of aluminum price hikes. Alcoa is breaching the 20MA once again after bouncing off support on key 50MA & 69.98 support. Re-seen auction puts AA back on track of an upside movement towards a channel from October 2021. MACD cross observed on technicals, RSI at 55, and healthy volume. Analysts reiterated to Buy with new PTs. Price target: 84-89 // ATR: 5.47, Beta: 2.25
Correction EndedThe March correction has ended today at the new high at 92.30. We may see a sideward range now or more likely another run down to close the window on March 1st .
AA chart 2-20-22Looking for throwback to support in coming weeks... chart extended and looking to play correction.
AA: Higher Highs and Lower LowsAA: Price re-discovery to the upside as a result of directional conviction and buyer control. Cases to the upside supported by: sector strength with metals/precious metals hitting record highs on LME, sustained volume, and a maintain of overweight with a new PT to $78 via Morgan Stanley. With RSI >70, we may see some healthy retracement to consolidation. Base formation of its new value shelf in progress as AA resumes its path to the upper limits of a channel from May 2021 with distinct higher highs and lower lows // Key Levels: 70.02, 73.28, 77.16, 78.40// ATR: 3.77, Beta: 2.39, PT: $78
Spotting Potential Long Breakouts – Stocks – Alcoa (AA) - DailyCAPITALCOM:AA
Alcoa (AA) is at an all-time high of 62, which it last saw in April 2018. It plummeted after reaching that high and took until now to regain the loss. That’s almost a four-year gap. The question is now what will happen. Is it going to go up or down?
We can deduce a few key chart patterns by looking at the daily chart. Marking out the long-term upward trend from March 2020, we can see that it has had its retracement at the price of 53, which can also be considered an area of support looking to the left.
Not to mention if we grab our trusty Fibonacci Retracement, we can see that it also hits the 50% support level at this exact spot and pushes up.
If we have to draw an Ascending Triangle from the three lowest valleys and connect them to the level of resistance at its current high price, we can see that price within this pattern has actually made a partial rise.
We can see that there has been selling pressure on three specific days trying to keep the price from rising, and volume on those days has significantly increased. If we had to go down to the 1-Hour or 30-Minute time frame, we could see these levels of selling pressure actually create a Triple Top.
However, to confirm this, we need to see price break below the lowest valley between these peaks, which has not happened yet. Price seems to be moving steadily upward. Additionally, we could say that a double bottom has formed at the levels of the upward trend line and that of the Ascending triangle at price 53 and 55).
Also, take note of the strong buying pressure at price 53. Moreover, the second part of the Double Bottom (price 55) is making a series of higher lows. This could also indicate an upward momentum shift.
However, just like the Triple Top, the price has not closed above the peak between these two valleys, so it is not confirmed yet, but it is inching closer and closer to that level.
Another factor to consider (if we look back at the daily chart) is that price has moved to pass the HCR (horizontal consolidation area) - the orange rectangle. This means if price moves lower, it will probably stall here, but moving upward, it is free to run.
If you are looking to go long here, I suggest waiting for the close at least above the level of resistance at 64.35. However, the resistance level is more likely at 65 (a SAR round number). I would enter the trade long only if price closed above 65.
The possibility of it going down as it did from its last high is also a possibility, but the repeated pushing of the price action heading up and up trying to smash through resistance along with increasing volume over time would suggest that it might break upward and in a big way.
I’d be considerate and place my profit at about 70. This would net you about an 4% return (4 to 1) if you place your stop just below the resistance that will undoubtedly turn into massive support at the price area of 62 – 64.
