Alcoa Earnings Help Boost Markets

10/08/2010 1:01 pm EST

Focus: STRATEGIES

Thomas Aspray

, Professional Trader & Analyst

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Positive earnings for Alcoa (AA) may have an important impact on the earnings season as MoneyShow’s Jim Jubak discussed in today’s video. Technically, the stock looks strong as the resistance at $12.40 was overcome today. There is some resistance in the $13 area with the 50% retracement resistance at $13.70. The more important 61.8% resistance level is at $14.60. Volume has been rising with prices and the on-balance volume (OBV) is also moving higher. First support is at $12 with stronger support in the $11-$11.50 area.

Tom Aspray, professional trader and analyst, serves as video content editor for MoneyShow.com. The views expressed here are his own.

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