Let the chart speak for Alcoa Inc. $AA (daily chart)
On Friday, Alcoa Inc dived southwards in early trading as traders are uncertain whether the economy is in the right track. Trading was very light. Alcoa Inc managed to close just about its previous close. Creating a bullish hammer in the process. What may happen on Monday is that Alcoa Inc would most probably open above the high of this hammer (about $13.45) and if the ISM reading is good, Alcoa might actually make a run up.
Given that there were many positive news for the aluminum industry which have not affected Alcoa’s stock price, ISM would be the main factor that would allow Alcoa Inc to explode past that stubborn resistance at $13.90.
Next week should be the week that Alcoa Inc soars.
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