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Alcoa Corp. Technical Analysis

2/21/2023 10:02 AM

The shares of Alcoa Corp., one of the world's largest aluminum producers, are trading at 47.00.

On the daily chart, the price is moving in a global corrective trend, trying to consolidate below the support line of the local ascending corridor with dynamic boundaries 48.00–60.00.

On the four-hour chart, it can be seen that this range can work as a Flag trend continuation pattern, resulting in quotes reaching 36.00. The key marker for the "bears" is the local low of 44.00, consolidation below, which will open the way for the asset to the global target.

Technical indicators gave a clear signal to sell: the range of EMA fluctuations on the Alligator indicator began to expand downwards, and the AO histogram forms downward bars in the sell zone

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