Shares of Alcoa (NYSE:AA) have been on a wild ride. In April 2018, the aluminum player surged almost 50% into earnings. After reporting solid quarterly numbers, Alcoa fell as profit taking took over. Today, the stock is falling 14% after news that a Russia producer of aluminum may be exempt from sanctions.
The stock is in free-fall which is great for us as swing traders. I alerted to a major short last Thursday at $62.15. With the stock trading at $51.65 just two days later, I am now starting to scope out a buy level. The technical level of support to buy is $50.00. This will yield a major bounce. Swing trading is the only way to trade in this market. The whips in stocks make it the only way to generate huge returns.
