US equity market ended marginally lower after three straight days of gains. In spite of better than expected Factory Orders Report on Tuesday market was not able to hold on its bullish behavior of past few days. Thin volume trading was witnessed on Tuesday which was responsible for halt in the bullish sentiment in the market. Non-Farm Employment Change and ISM Non-Manufacturing PMI data, due on Wednesday could help the investors to drive the market in positive direction.
ALCOA INC
STOCK SUMMARY:-
Alcoa Inc is overall in bullish trend and is sustaining at higher levels on chart. Traders can buy the stock above the level of $13.95 which is a near term resistance level for the stock, and if it manages to breach this level further bullish movement is expected in this stock to test the levels of $14.50.
CHART FORMATION:-
Stock is in bullish trend for near term and price is taking support from trend line with good consolidation on daily intraday chart. Near term breach of resistance level of $13.95 is expected, which would trigger bullish sentiment in the stock to test the levels of $14.50.
INDICATORS:-
RSI is trading with positive bias and in MACD signal line has crossed over MACD line which is indicating the bullish sentiment in the stock.
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