Aluminum Corporation of China (ACH) NewsBite - ACH Lower on Recession Fears

Aluminum Corporation of China (ACH) opened at $41.70. So far today the stock has hit a low of $40.10 and a high of $41.70. ACH is now trading at $40.40, down 3.23 (-7.40%). After hitting a one-year low of $23.67 last March, the stock hit a one-year high of $90.95 in October. Shares of ACH are trading lower this morning with other Chinese companies as the Shanghai index closed at 3,971.26 points, down 2.43 percent, on recession worries. Technical indicators for ACH are bullish but deteriorating, while S&P gives the stock a neutral 3 STARS (out of 5) hold rating. If youre looking for a hedged play on this stock, consider a May bear-call credit spread above the $55 range. ACH hasnt been above $55 since December and has shown resistance around $46 recently. This trade could be risky if the economy in China continues to steam ahead, but even if that happens, this position could be protected by resistance ACH might find at its 200 day moving average, which is currently around $52. (LHF- Seven Summits Strategic Investments NewsBite)

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