AA pushes through 100-day moving average


Alcoa Corporation (AA) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team

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

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 Candlestick Chart (AA as at May 17, 2018):

Daily technical analysis candlestick chart for Alcoa Corporation (AA) as at May 17, 2018

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.

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

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

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.

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


Market Conditions for AA as at May 17, 2018

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AA closes lower for the 3rd day in a row

Dec 17, 2018
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