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Alcoa Corp., Technical Analysis

3/15/2023 10:06 AM

The shares of Alcoa Corp., one of the world's largest aluminum producers, are trading at 45.00.

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

On the four-hour chart, it can be seen that this range can work as a continuation trend Flag pattern, and the price will reach the year’s low of 33.50. The key “bearish” level is Monday's local low of 42.30, consolidation below which will let the price reach the global target.

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

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