Solid News

Alcoa Corp., Technical Analysis

11/23/2022 10:15 AM

Shares of Alcoa Corp., one of the world's largest aluminum producers, are correcting at 49.00.

On the daily chart, the price is trying to change the trend and rises within the downward corridor with dynamic boundaries 51.00–29.00, reaching the resistance line.

On the four-hour chart, the correction has high prospects for continuation as the quotes make a second attempt to consolidate above the initial 23.6% Fibonacci correction around 49.00. In case of failure, the trading instrument may reach lows around 39.00.

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

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