Alcoa （NYSE:AA） traded in a range yesterday that spanned from a low of $12.58 to a high of $13.23. Yesterday, the shares gained 3.87%, which took the trading range above the 3-day high of $12.92 on volume of 39.2 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
Shares of Alcoa are currently trading above their 50-day moving average （MA） of $11.72 and above their 200-day MA of $12.37. Look for the MA to provide support for a short-term pullback in the shares.
SmarTrend has the shares in an Uptrend and expects the share price to pullback toward the $12.92 support level. Afterwards, we expect it to move upward with its peers in the SmarTrend Aluminum industry.
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