Replies to post #468 on ALCOA Inc. (AA)

[Portguyofva]

AA broke support at 8.27. Next support level is 8.02, but we may not get there. I think the market may be ready for a couple of up days. If I hadn't bought earlier today at a higher price, I'd be buying at 8.12.

[mkendra]

This is what I'm looking at: the 50ma and the 200ma are both trending down. The pps is well below both. What I'm looking for, is the 50ma to level off, then change direction. This requires a higher pps for some time for that to happen. If it does happen, there is a good possibility of the 50ma crossing the 200ma (golden cross) because they are so close to each other right now, but the pps needs support - it ain't there right now.

In other words, I will buy when the 50ma is on the way back up, not while it's still going down.

Yes, I know the old saying "buy low, sell high", but I've had much better luck buying into momentum.

Hope I didn't bore you.......