Metal giant Alcoa Corp (AA) was rated a new fundamental overweight (buy) by JP Morgan with a $54 price target. The company is a leader in the production of bauxite, alumina and aluminum.
Let's check out the charts and indicators.
In this updated daily bar chart of AA, below, I see that prices made a low in late September and that low is being retested again in late April and early May. Prices trade below the declining 50-day moving average line and below the declining 200-day moving average line.
The On-Balance-Volume (OBV) line shows strength from September but has shifted to weakness in the past two months. A declining OBV line suggests that sellers of AA are being more aggressive than buyers.
The Moving Average Convergence Divergence (MACD) oscillator is below the zero line but trying to cross upwards to a cover shorts buy signal.