Last week, we took a look at Alcoa (AA), and observed that it was pushing sharply against a consolidation resistance. We noted that a break was likely, and that if there is a break above 34, AA would open up the 40.00 handle.Alcoa (AA) Daily Chart(click to enlarge)Failed Breakout:- On the daily chart above, we can see that price did break a down-sloping resistance.- However, price did NOT reach 40 as anticipated and price started retreating.- The fact that the RSI did not reach 70 was the first sign that the bullish breakout was weak.- The fact that price did not find support around 34 was another sign that the bullish breakout was a failure.- Furthermore, the sharpness of the decline, matching the sharpness of the prevailing bullish push, suggests that bears are back in control.Support:- Switching back to a bearish outlook now, we should still acknowledge the prevailing bullish bias since 2016. - Therefore, we should monitor the area around 28.00 for support. - I think we should limit any bearish outlook to the 25-25.20 area. This is a neckline of a price bottom formed in 2016.