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Alcoa Corp., Technical Analysis

10/18/2022 10:39 AM

Shares of Alcoa Corp., an American steel company, correct at 39.00.

On the daily chart, the price is moving within a wide channel with dynamic boundaries at 16.00–43.00, trading near the resistance line.

On the four-hour chart, it can be seen that further dynamics will most likely continue in a downtrend, as the current quotes are close to annual lows around 33.60, renewed in early October. Consolidation below this level allow the trading instrument to head towards the channel support line at 25.00.

Technical indicators keep a stable sell signal: the EMA fluctuation range on the Alligator indicator remains directed downwards, and the AO oscillator histogram forms ambiguous bars in the sell zone.

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