Alcoa earnings miss the mark, stock price drops
Alcoa (AA) posted adjusted earnings of $1.04 per share compared to estimates of $1.23. Despite Alcoa’s earnings miss, multiple analysts upgraded the stock.
However, our analysis is less optimistic. We believe there may be a declining period ahead, projecting to below $50.
This is based on our analysis of the failure from target zone on the chart shown below. As well, there is a large gap lower on the daily chart.
So for now, we are looking at lower prices for Alcoa’s stock.
Visit our site for more on our approach to using market cycles to analyze stocks.
AA Stock Chart Based on Weekly Bars
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