Shares of Alcoa (NYSE:AA) bounced higher last week even as the stock market and commodities dropped. Today they are surging again and likely going higher as the stock has yet to hit any major resistance. The resistance level is at $27.00. This is the point where I am going to pull the trigger on a short trade. The stock will have been up over five days straight and tag a major gap fill when it hits that price. it likely will happen this week. In technical analysis, gap fills are major resistance points when a stock rises into it. This would be the case with Alcoa. As I believe a post election rally is at hand, I will wait patiently for it to hit later this week. Stay tuned. It is a great stock trade setup.
Jenny
Jenny
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