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5 Breakout Stocks to Leverage the Rally

Alcoa

Alcoa (AA - Get Report) always gets attention during earnings season -- after all, the $11.3 billion aluminum producer is traditionally the firm that kicks off earnings for the quarter. But while Alcoa's earnings are behind it now, traders should still be paying attention to the technical setup that's shaping up in shares.

That's because Alcoa is forming an ascending triangle, a bullish setup that currently has resistance right around the $10.50 level. Essentially, the formation works like this: With a horizontal resistance level acting as a sort of "price ceiling" above shares, and uptrending support below, Alcoa's price is getting bounced between two key technical levels. As prices absorb some of the excess supply of shares on bounces off of their static resistance level, the chances for an upside breakout increase dramatically.

>>5 Stocks Setting Up to Break Out

Alcoa's trade to watch is a breakout above that $10.50 price. When that happens, the upside price target is the dotted line parallel with the triangle's lower bound.

As of the most recently reported period, Alcoa is one of the top holdings of Bruce Kovner's Caxton Associates.

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