Since mid-September, Alcoa shares have decline more than 16% and are trading near at least one month. However, since the beginning of the year, issuer prices have decreased by 28%. On 16 October, following the closure of the market, the company will report for the third quarter of 2019. Wall Street is expecting a significant drop in financial results with a loss per share up to USD 0.23 and a 24% reduction (YoY). in Revenue to USD 2.6 billion.
During the past week, Alcoa shares showed a decrease of 0.42%. S & P500 index rose 0.92% during the same period.
The company’s stock shows a ambiguous technical image. Currently, #AA shares are consolidating. The company’s activities are testing local levels of support and resistance at 18.30 and 19.75, respectively. The issuer has the potential to come back after a long fall.
The indicators do not give a clear signal: the price is consolidated under MA (50) and MA (200), and the MACD histogram began to grow. Jobs must be opened from the main levels.
Comparing the multiplier of the company to its competitors in the industry, we can say that #AA actions are neutral.
Levels of support: 18.30, 16.75, 14.00.
Levels of resistance: 19.75, 21.25, 23.30.
If the price above the 19.75 resistance level is consolidated, the company shares should be expected to be corrected. Orders must be suspended by orders at 9:00 pm, 10:50 p.m. Stop loss – 18.50.
If the price is consolidated by 18.30, sales of #AA can be estimated. The target level of movement is 4:00 pm until 3:00 p.m. Stop loss – 19.50.
Enforcement period: 3 days.
Alcoa Corporation produces and sells bauxite, alumina, and aluminum products in the United States, Spain, Australia, Brazil, Canada, and internationally. The company operates through bauxite, Alumina, and Aluminum segments. He carries out bauxite mining operations; and processes bauxite into alumina and sells bauxite to customers processing industrial chemical products. The company is also involved in aluminum smelting, casting, and rolling businesses; and the production of aluminum sheets sold directly to customers primarily in the final packaging market for the production of aluminum cans. It also owns generation and transmission assets that produce and sell electrical energy and ancillary services in the wholesale energy markets in the United States and Brazil. The company was previously known as Alcoa Upstream Corporation and changed its name to Alcoa Corporation in October 2016. The company was founded in 1888 and is based in Pittsburgh, Pennsylvania.
John has a background in helping kids with math and loves writing about the stock market. He has a brain for things that are technical and is applying them in the financial world. Follow John as he covers breaking investment news and stock tips.ABS News & Research is dedicated to providing quality investment insight and information from experienced financial professionals and journalists.Follow UsFacebookTwitterPinterestLinkedinContact Us