Nov 23, 2011 (Pivot alerts via COMTEX News Network) -- Shares of Alcoa (NYSE:AA) have bearishly opened below the pivot of $9.32 today and have reached the first support level of $9.12. Investors may be interested in a cross of the next downside pivot targets of $8.98 and $8.64.
In the past 52 weeks, Alcoa share prices have been bracketed by a low of $8.45 and a high of $18.47 and are now at $8.96, 6% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.8% while the 50-day MA has declined 1.2%.
Alcoa has overhead space with shares priced $8.96, or 31.6% below the average consensus analyst price target of $13.10. Alcoa shares should first meet resistance at the 50-day moving average (MA) of $10.33 and find additional resistance at the 200-day MA of $14.24.
Alcoa Inc. produces primary aluminum, fabricated aluminum, and alumina, and participates in mining, refining, smelting, fabricating, and recycling. The Company serves customers worldwide primarily in the transportation, packaging, building, and industrial markets with both fabricated and finished products.
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