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Alcoa Corp. Technical Analysis
3/24/2023 10:07 AMThe shares of Alcoa Corp., one of the world's largest aluminum producers, are trading at 40.00.
On the daily chart, the price is moving within a corrective trend, trying to continue the decline after consolidation 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 corridor has worked as a Flag trend continuation pattern, as a result of which the downward movement will most likely reach the year’s low of 33.50. The key "bearish" level is last week’s local low of 38.50, consolidation below which will accelerate the movement toward the global target.
Technical indicators gave a sell signal: the range of EMA fluctuations on the Alligator indicator is expanding downwards, and the AO histogram is forming downward bars in the sell zone.
