If Inflation Doesn't Drop, I Really Like This Stock

If inflation doesn't eventually hit the Fed's target, I'm watching this stock.

I've been making videos every week to share with you some of my thoughts on the market and how I think outside forces will impact the stock market. Instead of a video, today I'm posting a single chart. Allow me to explain a bit first, this chart is of Alcoa (stock symbol: AA) and I like this for a couple of reasons. First, if inflation is holding strong, hard assets tend to perform well. This is very much a hard asset. Second, this chart (below) is doing something that has been in the works for years.

24 month look at Alcoa stock

There is a lot of pressure against the ceiling (resistance) at/around $38, a move above $38 would only be a continuation of the rounded bottom that was put in place Oct, 2023. Resistance at/around $50 and and final high of around $100 is what I have on the radar. This chart has a great technical set up and sector rotation (as discussed in many of the past videos) looks to be well underway.

Let's keep an eye on this stock, it looks interesting above that level.

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