Market Technical View: Alcoa shares price could be cheap at $10.00. 2012.02.02

Market Technical View is a blog that mostly concerns the technical analysis of different financial instruments like indices, commodities, stocks, ETFs and currencies.

All the posts are structured in 3 main chapters that can be found in Content, in the upper right-hand corner of the blog.

Market perspective. The technical approach consists of chart patterns and important support/resistance zones. The purpose of this section is to give directions of the price on short and medium term (a few days up to a few months).

Trading setups. The analysis posted here will provide trading scenarios based on different technical tools.

Romanian Market. This is a section dedicated to Romanian stocks and indices.

Thursday, February 2, 2012

Alcoa shares price could be cheap at $10.00. 2012.02.02

Alcoa shares traded yesterday close to the $10.00 support level, continuing though the few days of correction.

The medium trend still proves to be bullish as the price broke above T1 descending trend line. The first target is in the $11.20-$11.60 area and the $10.00-$10.30 area could turn out to be very profitable for the eventual buyers.

You can see the previous analysis of Alcoa here: http://markettechnicalview.blogspot.com/2012/01/alcoa-share-price-seems-cheap-for-how.html .