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Nadeem Walayat Financial Markets Analysiis and Trend Forecasts

Two Major Stock and Commodities Trading Opportunities - Video

Commodities / Commodities Trading Nov 30, 2012 - 06:21 PM GMT

By: EWI

Commodities

The editor of Elliott Wave International's Metals Specialty Service, Mike Drakulich, has just recorded a new, free video forecast:

"Aluminum and Alcoa: Exciting Juncture (Nov. 29, 2012.)"


Says Mike (excerpt):

"This is the first video of what is going to be a series of videos on the industrial metals markets, as they come into critical price areas that may tell us the big [moves] I've been talking about in my daily analysis are getting underway -- or, in fact, are underway."

ALUMINUM: The video starts off by showing you "the big picture from 2008-2009 bottom." Mike Drakulich walks you through the Elliott wave pattern since then and shows you how, off the recent high, the price has come down in a familiar ABC pattern. Moreover, the decline has retraced 62% of the previous rally -- a key Elliott wave signature and important Fibonacci proportion.

Here is an abridged version of the aluminum chart from the new video:

Aluminium and Alcoa trading

What's more, the price action in aluminum has just penetrated two key moving averages, the 50-day and the 200-day.

ALCOA (NYSE:AA): The second half of the video gives you a detailed look at Alcoa stock. Mike shows you that, going back to the same 2008-2009 period, AA has followed the price of aluminum very closely. You get a detailed view of Alcoa's recent drop below a key support price level, plus the analysis of an important trendline the stock has been "flirting" with -- which, if broken, should "open the gates" to a rare opportunity.

Mike Drakulich ends the video by saying:

"Bottom line, we have some really nice action in aluminum and Alcoa, and this is being seen across the board in many of the industrial commodities."

About the Publisher, Elliott Wave International
Founded in 1979 by Robert R. Prechter Jr., Elliott Wave International (EWI) is the world's largest market forecasting firm. Its staff of full-time analysts provides 24-hour-a-day market analysis to institutional and private investors around the world.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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