{"id":34369,"date":"2016-05-08T23:23:56","date_gmt":"2016-05-09T06:23:56","guid":{"rendered":"http:\/\/drduru.com\/onetwentytwo\/?p=34369"},"modified":"2016-05-08T23:25:46","modified_gmt":"2016-05-09T06:25:46","slug":"alcoa-at-a-technical-buy-point","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2016\/05\/08\/alcoa-at-a-technical-buy-point\/","title":{"rendered":"Alcoa At A Technical Buy Point"},"content":{"rendered":"<p><a href=\"http:\/\/drduru.com\/onetwentytwo\/2016\/04\/27\/t2108-update-160427\/\" target=\"_blank\">On April 27, 2016<\/a> I lamented that I managed to miss the next post-earnings buying point for Alcoa (AA). A second chance has appeared in the form of a retest of support at AA&#8217;s 50-day moving average (DMA).<\/p>\n<p><center><br \/>\n<figure id=\"attachment_34370\" aria-describedby=\"caption-attachment-34370\" style=\"width: 540px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2016\/05\/160506_AA.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2016\/05\/160506_AA.png\" alt=\"Alcoa (AA) has completely reversed its breakout and now tests 50DMA support. The stock still holds a positive post-earnings gain.\" width=\"550\" height=\"375\" class=\"size-full wp-image-34370\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2016\/05\/160506_AA.png 550w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2016\/05\/160506_AA-300x205.png 300w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/a><figcaption id=\"caption-attachment-34370\" class=\"wp-caption-text\">Alcoa (AA) has completely reversed its breakout and now tests 50DMA support. The stock still holds a positive post-earnings gain.<\/figcaption><\/figure><br \/>\n<strong>Source: <a href=\"http:\/\/www.freestockcharts.com\/platform\/v1\" target=\"_blank\">FreeStockCharts.com<\/a><\/strong><br \/>\n<\/center><\/p>\n<p>AA broke out in late April, but the gains all came in a single one-day burst. The entire breakout reversed quickly. The good news on the pullback is that volume declined throughout the selling. This moderating volume implies sellers are less and less inclined to dump AA which means buyers may more easily take control at this 50DMA support.<\/p>\n<p>Since <a href=\"http:\/\/drduru.com\/onetwentytwo\/2016\/05\/07\/t2108-update-160506\/\" target=\"_blank\">my trading call recently switched to &#8220;cautiously bearish&#8221;<\/a>, I hesitate to jump right into this buying opportunity. So, I will wait for a confirmation of support, like a solid up day with a close above 50DMA support. AA drops into bearish territory if it breaks down below support at its 200DMA. Such a move would completely reverse all post-earnings gains. (Note that the market&#8217;s initial reaction to earnings was negative, featuring a small gap down).<\/p>\n<p>Be careful out there!<\/p>\n<p>Full disclosure: no positions<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On April 27, 2016 I lamented that I managed to miss the next post-earnings buying point for Alcoa (AA). A second chance has appeared in the form of a retest of support at AA&#8217;s 50-day moving average (DMA). Source: FreeStockCharts.com AA broke out in late April, but the gains all came in a single one-day &#8230; <a title=\"Alcoa At A Technical Buy Point\" class=\"read-more\" href=\"https:\/\/drduru.com\/onetwentytwo\/2016\/05\/08\/alcoa-at-a-technical-buy-point\/\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[199,511,62],"tags":[249,248],"class_list":["post-34369","post","type-post","status-publish","format-standard","hentry","category-commodities","category-support","category-technical-analysis","tag-aa","tag-alcoa"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Alcoa At A Technical Buy Point - ONE-TWENTY TWO: Trading Financial Markets<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/drduru.com\/onetwentytwo\/2016\/05\/08\/alcoa-at-a-technical-buy-point\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Alcoa At A Technical Buy Point - ONE-TWENTY TWO: Trading Financial Markets\" \/>\n<meta property=\"og:description\" content=\"On April 27, 2016 I lamented that I managed to miss the next post-earnings buying point for Alcoa (AA). A second chance has appeared in the form of a retest of support at AA&#8217;s 50-day moving average (DMA). Source: FreeStockCharts.com AA broke out in late April, but the gains all came in a single one-day ... 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