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Alcoa (AA) Gets Crushed After Earnings, Here’s The Trade

Leading aluminum producer, Alcoa Corp (NYSE:AA) reported earnings last night that disappointed investors. Today, the stock is trading lower by $1.80 (-9.0%) to $18.37 a share. This equity has been weak on the charts since the start of January. The trend on the larger time-frames has been down so lower share prices are likely before the stock is defended. Trader and investors should now watch the $16.50 level as support. This level is where the stock was defended in August 2019. Should the stock decline into this support area it should be defended again when initially tested.

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