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Alcoa Corp. Murrey Analysis

2/15/2023 3:32 PM

The shares of Alcoa Corp., one of the world's largest aluminum producers, resumed their decline after a four-month rise. The price reversed around 56.25 (Murrey's level [6/8]), fell into the negative zone of Murrey's trading range, and is now close to the lower border of the central channel at 46.88 (Murrey's level [3/8]). Consolidation below it will give the prospect of reaching 43.75 (Murrey level [2/8]) and 40.62 (Murrey level [1/8]). The key "bullish" level is the middle line of Bollinger bands around 51.50, consolidation above, which will give the prospect of the quotes returning to 56.25 and 59.38 (Murrey level [7/8]).

Technical indicators confirm the persistence of the downward trend: Bollinger bands are reversing downwards, and the MACD histogram is shrinking in the positive zone and is preparing to enter the negative zone. Stochastic is preparing to leave the oversold zone, which does not exclude a price rebound to the 51.50 area but is unlikely to change the current trend.

Resistance levels: 50.00, 51.50, 56.25, 59.38. | Support levels: 46.88, 43.75, 40.62.

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