Solid News

Alcoa Corp., Technical Analysis

11/8/2022 10:14 AM

The 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.

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