Alcoa Inc: New Upward trend in development?

I recently placed a large trade on Alcoa Steel at 12.11$ a share. Seems to have been a casualty of the recent market sell off last week. The companies fundamental's have not changed, so obviously it's recent 2$-3$ fall in share price is a result of funds selling off positions out of fear, and Alcoa's shares getting tied up with the indices recent retracement.

I believe this to be a Bullish Pennant, although due to recent overall market volatility its hard to find accurate continuation patterns, so it may be a Triple Bottom with a breakout to come soon. Here are some thoughts.

• AA is at a 52-low area
• AA is current trading at its pivot point area.
• AA's lowest short term support level is $11.11
• 10 day SMA crossed over 20 day SMA, as well as ADX declining at 35, this suggests a new upwards trend is to begin, and todays recent small gap up may be the beginning of new upwards movement.

All in all i think AA is a potential bottomed out equity that is poised to at leas hit 12.75$-13$ a share with the next week or so.

Position: Long AA