This Chart Is Signaling More Downside For Arconic Inc

Yesterday, leading lightweight metals engineering and manufacturing firm, Arconic Inc (NYSE:ARNC), dropped sharply after reporting earnings. The current daily chart pattern is signaling further downside in the near term. This stock is a spin-off from the old Alcoa and does not look particularly healthy at the moment. Traders and investors should note that yesterday's decline wiped out over one month of gains in a single trading session. The next major support level for ARNC stock will now be down around the $22.00 area. This level was defended in June 2017 and should serve as support again when retested. 

Nicholas Santiago

InTheMoneyStocks