Thursday, March 26, 2009

Alcoa close to resistance.

Alcoa (AA) found support on the monthly S1 pivot(blue circle, green line S1) at $4.97. The chart shows it is close to the Monthly R1 pivot @$8.25 and the red line above it at $8.68(blue arrow) is the 100 day moving average, which should be resistance and the 50% fib. Alcoa is up 62% since hitting the monthly (S1) pivot.
This is a very nice example of pivot power! Buy S1, sell R1