Alcoa’s is limited below previous high, after the positive sign from the slight gain in price but is still on hold after price managed a positive break above 9.92 resistance level and upper trend line, this could still lead us that this move is corrective and bulls trap. If there is a sustain gain below 8.93 level, down move is favor towards a retest of rebound and if price drop even more rebound in price is over. Our vision for intraday bias is bearish after drop in price and failed trade above 8.93 level which seems to be crucial level for upward move. Focus of the down move will be 8.93 level, if price managed a sustain gain below, this would trigger another down move towards 8.33 support level.
On the opposite side, if Alcoa manage to trade above 8.93 this will indicate that buyers are accumulating power and for test of the 11.12 resistance level. If that is the case price would find consolidation first to gather power for big push toward break above upper resistance trend line.
Daily Pivots: Pivot Point – 10.15, 1st Support – 10.06, 1st Resistance – 10.32