Alcoa Inc fails to rally even though most of its competitors and even the commodity itself rallied.
Aluminum has broken to a new trading zone. The 95cts resistance has finally been broken and Aluminum is now trading at 95.67cts. This should be very positive for Alcoa as most analyst are estimating earnings based on aluminum projection prices of only 85cts. Aluminum prices are 10% higher than most analyst’s prediction.
Only JPMorgan and Morgan Stanley believes that Aluminum will trade at $1.15 this year.
Alcoa Inc is facing resistance on its 20SMA line.
Watch the ADP report tomorrow. Any good report would most probably allow Alcoa to break its $13.90 resistance.
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