On the heels of a sharp two-week fall, Alcoa Inc. (NYSE:AA) has been chopping sideways for the last month. Technical analysis tells us that this chart pattern is a bear flag formation. Bear flags on the charts represents price consolidation that occurs before the resumption of the previous move.
Target Price
Since the previous move was sharply to the downside, it's pretty safe to see further downside on the horizon. The downside target on this trade would be $6.75, marking a fall of over 30% from current levels. Note the chart below.
Which stock should you buy in your very next trade?
With valuations skyrocketing in 2024, many investors are uneasy putting more money into stocks. Unsure where to invest next? Get access to our proven portfolios and discover high-potential opportunities.
In 2024 alone, ProPicks AI identified 2 stocks that surged over 150%, 4 additional stocks that leaped over 30%, and 3 more that climbed over 25%. That's an impressive track record.
With portfolios tailored for Dow stocks, S&P stocks, Tech stocks, and Mid Cap stocks, you can explore various wealth-building strategies.