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Shares of Alcoa Corp (NYSE:AA) have an ugly head and shoulder pattern formation on the stock chart. While the head and shoulder pattern has not triggered yet, it is on the verge. If it triggers, there is huge downside to $23.00. The current price is $31.50. That means there is potential downside on Alcoa Corp of 27%. The key for investors is to watch for the neck-line to break. That is at approximately $31.00. Keep in mind, it needs to be a daily close below $31 to trigger. Once that happens, game on! Head and shoulder patterns are nasty and Alcoa Corp has a beautiful one.
Welcome to the new Alcoa Corporation stream forum! Messages posted in the Alcoa Corporation stream will be logged here for posterity.
Traders and investors should note that this stock will have major institutional chart support around the $41.50 area. This is a spot on the chart where the stock broke out to the upside in January 2017. This level should be defended again when it is retested.
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Signs of progress on Barryroe making him nervous !!
The last time I looked at the Icemax, I think it was under repair. It is now active. Hopefully it will be underway soon: [link]
Article goes like This
1: Providence ready to play hardball over Barryroe discussions.
2: landmark Deal with Total Druid/Drombeg/AVALON.
3: Investment significantly strenghtened balance sheet which will improve barganing position re Barryroe.
4: TOR told Business Post that focus now on drilling Druid/Dromberg and Farming out Barryroe. TOR - " gives us options with strong balance sheet" re Barryroe and " people Know we can do things on our own if They do not come up with reasonable opportunty for shareholders and strength of balance sheet does allow for different kinds of conversations. "
5: 20.25m dollars to be paid next week to Providence from Total.
6: Shareholders gave money last year for Druid drill and that created a dynamic of Its own and thus Farmouts occurred as big players Did not want to loose out on cheap opportunity for potential major upside
7: Discussions underway re Barryroe with 2018 earliest drilling window
The icemax is due to start drilling late June or early July. Will probably leave Canary Islands June 20th onwards. All the talk if delay etc is rubbish. At AGM for those who were not there the members of Board said late June or early July start date. Take that as An early July date
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