Century Aluminum Company (Century) is a holding company, which is a producer of primary aluminum and operates aluminum reduction facilities, or smelters, in the United States and Iceland. The Company operates through primary aluminum segment. Its primary aluminum facilities produce standard grade primary aluminum products. Its annual primary aluminum production capacity is approximately 1,013,000 tons per year (tpy). Its principal subsidiaries are Century Kentucky, Inc. (CAKY), Nordural ehf (Nordural), Century Aluminum Sebree LLC (Century Sebree), Century Aluminum of South Carolina (CASC) and Century Aluminum of West Virginia, Inc. (Century of West Virginia). Its CAKY operates a primary aluminum reduction facility in Hawesville, Kentucky (Hawesville). Nordural Grundartangi ehf, a subsidiary of Nordural, operates a primary aluminum reduction facility in Grundartangi, Iceland (Grundartangi). Its Mt. Holly, located in Goose Creek, South Carolina, is a primary aluminum reduction facility.
Century Aluminum Company's President and Chief Executive Officer Michael A. Bless today commended the U.S. Trade Representative's (USTR) announcement that the United States has requested World Trade Organization (WTO) consultations with China regarding the Chinese government's illegal subsidization of its aluminum industry. http://www.marketwatch.com/story/us...hina-on-illegal-aluminum-subsidies-2017-01-12 CENX is up 9%.
Up 15.3% at the close and a strong close...holding. On the daily chart below, that line of resistance at 10.36 from Dec 12th (red line) was also the swing high on the weekly chart where it shows better volume but I believe tomorrow (fryday) it can bust through it with slightly higher weekly volume Daily Sticks:
Weekly chart as of close on Thursday. This has been acting real well. Short term 0.25x1 point & figure target is $13.50; long-term 0.25x3 P&F target $21.00.
CENX is pushing higher this Fryday morning; pushing to 10.73 as of 9:40 am cst. Alcoa (AA) is green also. Reuters reports: Reuters noted that the Obama administration filed a complaint at the World Trade Organization (WTO) against Chinese aluminum subsidies, accusing Beijing of artificially expanding its global market share through cheap state-directed loans and subsidized energy. Amid Donald Trump's pro-American policies, driven by what he sees as the U.S. losing to China in terms of trade, this new complaint may heighten trade-related tensions between the two countries. "China's actions in the aluminum sector violate WTO rules prohibiting subsidies that cause 'serious prejudice' to other members of the trade body," the U.S. Trade Representative's office said in the complaint. (See also: U.S. vs. China: Is China Really at Overcapacity?) In a statement accompanying the announcement, President Barack Obama said, "China gives its aluminum industry an unfair advantage through underpriced loans and other illegal government subsidies." The president added, "We're taking action to protect the workers – at home and around the world – who are hurt every day by these policies. That's what we've done since day one." To date, there have been sixteen such complaints filed against China before the WTO during the eight years of the Obama administration, Reuters noted. These issues have ranged from tariffs on broiler chickens to tax rebates for small domestic aircraft and export duties on key Chinese raw materials. (See also: Chinese Government Propping up Manufacturing Industry.) In the case of Century Aluminum, despite the stock's dominant performance, it still has tons of work to do to grow profits. For the quarter that ended in December, the company is expected to lose 15 cents per share, while full-year estimates call for a loss of 79 cents. The company will report its financial results in February. (See also: Have Century Aluminum Shares Bottomed?) Read more: Why Century Aluminum Stock Surged 15% Thursday (CENX) | Investopedia http://www.investopedia.com/news/why-century-aluminum-stock-surged-15-thursday-cenx/#ixzz4VelRzRDK Follow us: Investopedia on Facebook
Onepoint272, thank you very much! I noticed this stock when I was reading your thread about Wyckoff trading, did some DD and decided to do a swing trade.
Way to go Andre! A lot has been said about patience in this game, and for good reason. Now the hard part is managing the trade. Let me know what your thoughts are on taking profits. I suspect this will have to rest before attaining even my short-term target of 13.50.
The point and figure short-term objective is 13.50 but the supply line of the normal trend channel approaches. If it busts through, then I switch to a reverse trend channel which connects 2 highs for the supply line and a parallel demand line which passes through an intervening low. Up over 29% on this trade thus far. Daily:
Thanks again, Onepoint272! I closed my position at 12.07 with 37.3% gain. I will buy it again if it dips.
Probably should have sold into today's strength. Exits are like a game of chicken. Holding out for my 13.50 ~ 13.70 price objective...or not. Up 41% on this trade, so far. It did bust through the supply line of the normal trend channel. The faint white lines are just an assumed reverse trend channel which won't be known until a top is confirmed. The demand line of the reverse trend channel will help later to identify potential reversals back up.
Yep, sold a little too early, but hey, you know, pigs get slaughtered. These aluminums are hot. Still holding AA and ANRC. As for CENX the question is, when to get in again. I'd like to see a low-volume test of 14.29. The long-term point and figure objective is 20.75.
