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Possible Bearish Inside Day Candle Pattern Detected for Alcoa Corp (NYSE:AA)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Alcoa Corp (NYSE:AA) based on the price action in the company's shares. Today's price range of $28.87 and $28.87 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Alcoa Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 122.5% for shares of Alcoa Corp based on a current price of $28.87 and an average consensus analyst price target of $64.23. Alcoa Corp shares should encounter resistance at the 200-day moving average (MA) of $36.63 and support at the 50-day MA of $28.79.

Alcoa Corporation produces and sells bauxite, alumina, and aluminum products in the United States, Spain, Australia, Brazil, Canada, and internationally. The company operates through Bauxite, Alumina, and Aluminum segments. It engages in bauxite mining operations; processes bauxite into alumina and sells bauxite to customers who process it into industrial chemical products.

In the past 52 weeks, shares of Alcoa Corp have traded between a low of $25.01 and a high of $62.35 and are now at $28.87, which is 15% above that low price. Over the past week, the 200-day moving average (MA) has gone down 1% while the 50-day MA has advanced 0.3%.

SmarTrend is monitoring the recent change of momentum in Alcoa Corp. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Alcoa Corp in search of a potential trend change.

Keywords: bearish inside day candle alcoa corp

Ticker(s): AA