I am promoting Alcoa Inc $AA as my top pick for the week.
Alcoa Inc has broken its resistance at $13.90 on Friday, the stock touch it twice and went to a high of $13.96 before settling at $13.84.
Tomorrow, Alcoa Inc would most probably open above $14. This is because mining sector in Australia is so strong that the ASX index went up 1.25% in early trading. All AUSSIE materials stocks are up by more than 2.5% each. RIO tinto and BHP continue to advance for the 7th consecutive day. Alcoa’s partner Alumina AWC has advanced by 5% in Aussie trade.
Alcoa Inc is the only mining stock that is still priced below its FEB 2 high. All other mining stocks are way above their FEB 2 highs.
CENX is more than 5% higher than FEB 2 highs, United Steel X is more than 10% above FEB 2 high. Cliff CLF is more than 30% above FEB 2 high.
This is a commodity rally. All materials stock are rallying. More short covering will take place for Alcoa Inc as fund managers close their short positions on Alcoa.
See the previous Alcoa Post for the chart.
Other sectors to watch.
TECH, FINANCIALS.
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