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Alcoa Corp., Technical Analysis
8/29/2022 11:57 AMThe shares of the American steel company Alcoa Corp. are trading at 56.00.
On the daily chart, the price is showing corrective dynamics after a prolonged downtrend, consolidated above the initial 23.6% Fibonacci retracement around 53.80.
On the four-hour chart, further movement of the quotes of the trading instrument will most likely continue in an uptrend since the key marker for the beginning of a full-fledged correction was received after consolidation above 23.6%. The next target is the basic correction of 38.2% Fibonacci around 61.80, the breakout of which will allow the issuer's shares to consolidate higher.
Technical indicators have reversed and keep a stable buy signal: indicator Alligator's EMA oscillation range expands upwards, and the AO oscillator histogram forms upward bars in the buying zone.
