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Alcoa Corp., Murrey Analysis

12/2/2022 2:28 PM

Shares of Alcoa Corp., one of the world's largest aluminum producers, have been growing for the third month. During this time, the price reversed around 34.38 ([–1/8]), returned to Murrey's main trading range and is currently testing its central line of 50.00 ([4/8]). In case of consolidation above it, the growth will continue to 56.25 ([6/8]) and 59.38 ([7/8]). Pivot level 43.75 ([2/8]), supported by the middle line of Bollinger Bands, is the key "bears" level, and its breakdown will allow quotes to return to 37.50 ([0/8]) and 34.38 ([–1/8]).

Technical indicators point to the continuation of the upward trend: Bollinger band and Stochastic are directed upwards, and the MACD is increasing in the positive zone.

Resistance levels: 50.00, 56.25, 59.38. | Support levels: 43.75, 37.50, 34.38.

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