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Nearest Resistance: $8.95
Nearest Support: $8.30
Alcoa(AA - Get Report) is another stock that's getting plenty of trading attention today. Shares are seeing huge volume after the firm announced earnings last night, officially kicking off earnings season for the second quarter. Alcoa beat analyst estimates for the quarter -- but just barely -- pulling in 6 cents per share in profits before one-time charges got recorded. Analysts had expected the company to earn 5 cents. Shares initially popped higher on the news, but they're down around 4% as I write after Mr. Market made an about-face of his own.
>>5 Stocks Set to Soar on Earnings
From a technical standpoint, though, Alcoa's earnings aren't a huge deal. The company is one of the most inconsistent names when it comes to earnings (making it ironic that it kicks off numbers each quarter), and it effectively fell in-line with Wall Street's expectations. Shares are stuck in between resistance at $8.95 and support at $8.30.
Until AA exits that range, it's making "easy moves." Wait for a breakout before trading it.