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Alcoa Corp., Technical Analysis

1/27/2023 10:34 AM

The shares of Alcoa Corp., one of the world's largest aluminum producers, are correcting at 52.00.

On the daily chart, the price moves within a global downtrend, rising within the local corridor with dynamic boundaries of 45.00–60.00.

The four-hour chart shows that an upward wave has recently formed inside the range, and a correction is developing. Despite the local decline, the quotes are kept above the initial correction of 23.6% Fibonacci around 48.80, not excluding the development of upward dynamics after the consolidation above the basic correction of 38.2% around 58.20.

Technical indicators do not rule out a decline: the EMA fluctuation range on the Alligator indicator is directed upwards, and the AO histogram forms corrective bars in the buying zone.

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