Alcoa Trading Analysis (27/08/2024)
The trend is descending. The stock is trading in the range between 365 and 135 ЕМА. The ascending wave structure is truncated. There is a bearish divergence on the Awesome Oscillator, and the Stochastic Oscillator signals an overbought condition.
Trading idea:
- Sell when the formation of the descending wave structure begins, when the wave A breaches the sloping channel of the ascending truncated structure.
- Stop-loss at 35.22.
- Price targets at 30.50 and 27.50.
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