$AA . Below kumo. Bearish


This is an update to the previous $AA chart reading.

Previously, it was reported that $AA has a Head and Shoulder formation.

Shortly after that, $AA start moving down further and has a gap down when it reached $10.

Currently, it is now trading below the kumo.

With $AA being in the production of aluminium, I believe this is a proxy to the weakness in the demand and by extension, the economy is slowing down.

In other words, the general market rally should be coming to an end soon. Be careful going LONG at this levels.


$AA . Head and Shoulder


From the Chikou Span, we can see a fairly distinct Head and Shoulder forming.

On top of that the price has trade below both the Tenkan sen and Kijun sen. Further drop will definitely result in a Bearish cross.