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Chief Market Strategist Gareth Soloway has been an avid swing and day trader since his days at Binghamton University where he studied Economics. After college, Gareth quickly excelled as a financial advisor, helping clients get their financial houses in order. While helping others gain financial... More
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  • Alcoa Inc Upside Target Revealed 1 comment
    Jul 14, 2014 1:30 PM | about stocks: AA

    Alcoa Inc (NYSE:AA) has been ripping higher in 2014, surging over 50% on the year. Just since October 2013, the stock is up over 100%. Many investors are beginning to speculate on a major top in the stock. Based on technical analysis, Alcoa Inc has the potential to rally to $18.10. That level is a high reward sell signal that can ultimately be shorted when it hits. One thing to note is that Alcoa has a major double top, spanning back to early 2011. The level is $18.10. Should Alcoa Inc get to this level, it becomes a solid shorting opportunity.

    Gareth Soloway

    Stocks: AA
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    can you help me understand the significance of a double top that spans ~ 3 years when the company is transforming into a much different company then it was then and now that it has different revenue streams in some very secular growth businesses. in short how does technical analysis capture a double top of a company that is changing its business model from what it was when the first top developed.
    14 Jul 2014, 02:17 PM Reply Like
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