Intermediate uptrend for Alcoa with resistance at $11.00
With a 41% gain from the July low and concerns over the top line growth, you would expect profit taking at the $11.00 resistance level.
Reference some excerpts from the fourth quarter release:
Fourth quarter 2013 revenue was $5.6 billion, compared with $5.8 billion sequentially, and $5.9 billion in fourth quarter 2012, as realized aluminum prices declined 1 percent sequentially, and 7 percent year-over-year.
Revenue in 2013 was $23.0 billion, compared to $23.7 billion in 2012 as realized aluminum prices declined 4 percent year-over-year.
In 2014, Alcoa projects global growth in the aerospace (7 percent to 8 percent), automotive (1 percent to 4 percent), packaging (2 percent to 3 percent), and building and construction (4 percent to 6 percent) markets. After a strong 2013, Alcoa projects a steady commercial transportation market (-1 percent to 3 percent), and a decline in the industrial gas turbine market (-8 percent to -12 percent) on lower orders for new gas turbines and spare parts.
Alcoa sees global aluminum demand growth of 7 percent in 2014, after 7 percent growth in 2013.
“It is not when you buy that counts, it is when you sell”
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