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Alcoa Corp., Technical Analysis

2/7/2023 10:12 AM

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

On the daily chart, the quotes are moving in the global corrective trend, rising in the local corridor with dynamic boundaries of 47.00–60.00.

On the four-hour chart, the price is holding above the initial Fibonacci 23.6% retracement at 48.30 within the range, allowing for continued global growth soon. The key resistance is the 38.2% Fibonacci base retracement at 57.30, which coincides with the channel's resistance line, and its breakout is a necessary marker for developing positive dynamics.

Technical indicators keep a poor buy signal: the range of EMA fluctuations on the Alligator indicator is directed upwards, and the AO histogram forms corrective bars in the buying zone.

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