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Alcoa Corp., Technical Analysis

12/23/2022 10:06 AM

Shares of Alcoa Corp., one of the world's largest aluminum producers, are correcting at 44.00.

The daily chart shows the price in the global downward corridor with dynamic boundaries 48.00–28.00, realizing another downward wave.

The four-hour chart shows that within the global corridor, a local range has recently completed its formation, from which the price has exited, consolidation below the support line at 44.00. Thus, the necessary confirmation for the beginning of the downward movement has been received, and the next target may be the initial trend of 61.8% of the Fibonacci extension, around 35.40.

Technical indicators keep a sell signal: the range of EMA fluctuations on the Alligator indicator is directed downwards, and the histogram of the AO oscillator forms downward bars in the sell zone.

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