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ALU) is no stranger to hefty trading volume -- the $4 billion French communications stock is perennially on the list of the NYSE's most heavily traded names. Today, ALU is making the list thanks to a key technical setup that's been forming in shares. This afternoon, ALU is within striking distance of a key breakout level.
Resistance at $1.80 is a price that ALU hasn't been able to trade above on a sustained basis since early 2012. On shares' last attempt at that resistance level earlier this year, excess supply swatted down shares again. But this time could be different thanks to the considerable buying pressure that's behind shares. Those buyers are shoving ALU 5.3% higher in today's session, just a few cents shy of that historical price ceiling.
I'd recommend being a buyer if ALU can close above $1.80 -- just keep a tight stop.
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