ALCOA CORP.: TECHNICAL ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL STOP |
| Entry Point | 34.20 |
| Take Profit | 30.90 |
| Stop Loss | 36.00 |
| Key Levels | 27.00, 30.90, 34.20, 35.00, 36.00, 37.40, 38.00, 40.00 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 36.70 |
| Take Profit | 40.00 |
| Stop Loss | 35.00 |
| Key Levels | 27.00, 30.90, 34.20, 35.00, 36.00, 37.40, 38.00, 40.00 |
Shares of Alcoa Corp., one of the largest aluminum producers, are trading at 35.00.
On the daily chart, the price is moving within an ascending corridor with dynamic boundaries of 38.00–27.00, completing a growth wave near the resistance line.
On the four-hour chart, the recently formed local Flag pattern with an implementation level of 37.40 transformed into a sideways channel with a key support level of 34.20, after overcoming which the quotes will begin to decline to the range support level of 27.00.
Technical indicators are weakening the buy signal: the EMA fluctuation range on the Alligator indicator is narrowing, and the AO histogram is forming downward bars in the buy zone.
Trading tips
Short positions may be opened after the price declines and consolidates below 34.20, with the target at 30.90. Stop loss – 36.00. Implementation period: 7 days or more.
Long positions may be opened after the price rises and consolidates above 36.70, with the target at 40.00. Stop loss – 35.00.
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