Solid News
Alcoa Corp., Technical Analysis
11/8/2022 10:14 AMThe shares of Alcoa Corp., one of the world's largest aluminum producers, are correcting at 41.00.
On the daily chart, the instrument shows a global downward trend, having renewed the annual low around 33.00, and now it is consolidation correctively, after which the downward movement can continue.
On the four-hour chart, the correction looks like a local ascending channel with dynamic boundaries 45.00–37.00, and if the price overcomes its lower border, the movement can continue to a new global target around the initial trend level of 61.8% of the Fibonacci expansion around 28.50.
Technical indicators remain neutral: the range of EMA fluctuations on the Alligator indicator remains rather narrow, and the histogram of the AO oscillator forms multidirectional bars in the buy zone.
