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AA pushes through 100-day moving average


Technical Analysis Report for AA - May 17, 2018 [< 1 min read]
Highlights
AA dominated by bulls lifting the market higher throughout the day
AA pushes through 100-day moving average
AA pushes through previous session high
TQ Sentiment
Technical Forecast:
Overview

AA ended Thursday at 50.71 gaining $0.52 (1.04%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 50.67, the share confirms its breakout through the prior session's high having traded $0.42 above it intraday.

Daily chart for AA
Volatility

Thursday's trading range was $1.26 (2.53%), that's below last trading month's daily average range of $1.72. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way below average.

Price Action

Notwithstanding a weak opening the market managed to close above the previous day's open and close, forming a bullish Engulfing Candle.

Support/Resistance

Prices are trading close to a key support level at 49.85.

Trend

Although the stock is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive. Alcoa Inc managed to break above the 100-day moving average at 50.70 today for the first time since April 5th.

Order Flow

Selling could speed up should prices move below the nearby swing low at 49.54 where further sell stops might get activated.

Conclusion

While classical technical analysis indicates a very bullish sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Bullish Break through SMA 100 TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Bullish Engulfing Candle TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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