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Alcoa Corp. Market Update

1/16/2023 2:17 PM

Shares of Alcoa Corp., one of the world's largest aluminum producers, are correcting at 54.00.

The company announced that it would be undergoing an operational restructuring effective February 1 that will focus more on investment and innovation, with Molly Bierman appointed to the newly created CFO position, including IT, and William Oplinger taking her place as Senior Vice President and controller. According to management, leadership changes are needed to focus on growth strategies and remain a leading margin-driven manufacturer.

The corporation's financial condition has recently improved, as the price of aluminum on the stock exchange since the beginning of the year rose to 2.592K dollars per ton from 2.257K dollars per ton. The next financial report is due on January 18, and revenue is forecast at 2.66B dollars, but EPS remains negative at –0.667 dollars.

On the daily chart, the trading instrument is moving within the global corrective trend, rising in the local corridor.

Technical indicators reinforce the local buy signal: the range of EMA fluctuations on the Alligator indicator is actively expanding, and the histogram of the AO oscillator is forming rising bars, increasing in the buying zone.

Resistance levels: 57.50, 65.30. | Support levels: 50.50, 41.70.

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