New York, December 28th （TradersHuddle.com） - Shares of Alcoa, Inc. （NYSE:AA） are trading very close to calculated resistance at $15.63 with the current price action closing at just $15.23 placing the stock near levels that make it difficult to buy.
Alcoa Inc. produces primary aluminum, fabricated aluminum, and alumina, and participates in mining, refining, smelting, fabricating, and recycling. Its products are used in aircraft, automobiles, commercial transportation, building and construction, oil and gas, defense, and other industrial applications. Alcoa was founded in 1888 and serves customers worldwide.
Alcoa's current stock range is defined by current calculated support defined at $12.96 and by the resistance level at $15.63, the stock is clearly over-extended from support, making it difficult to establishing new long positions at this level.
Traders don't have a clear entry point for Alcoa, as the stock is well above support, however, as the stock pulls back towards $12.96 it will definitely provide a reference point to establish a trade. On the other hand if the stock decides to break above resistance level at $15.63 then traders will get an opportunity to enter Alcoa stock by establishing a position as the stock moves to a higher range.
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