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ALCOA CORP.: MURREY ANALYSIS

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ALCOA CORP.: MURREY ANALYSIS
Scenario
TimeframeWeekly
RecommendationSELL STOP
Entry Point37.45
Take Profit34.38, 31.25
Stop Loss39.90
Key Levels31.25, 34.38, 37.50, 40.62, 43.75
Alternative scenario
RecommendationBUY STOP
Entry Point40.65
Take Profit43.75
Stop Loss38.60
Key Levels31.25, 34.38, 37.50, 40.62, 43.75

Current trend

Shares of Alcoa Corp., one of the largest aluminum producers, have been correcting to a medium-term upward trend for a month: during this time, the price reversed at 45.31 (Murrey level [ 1/8]), returned to the main Murrey trading range and is testing 39.06 (Murrey level [5/8]). After consolidation the quotes below the central mark of the trading range 37.50 (Murrey level [4/8]), a decline to 34.38 (Murrey level [2/8]) and 31.25 (Murrey level [0/8]) is expected. In case of a breakout of 40.62 (Murrey level [6/8]), supported by the middle line of Bollinger Bands, the asset will grow to 43.75 (Murrey level [8/8]), which is a less likely scenario.

Technical indicators reflect the formation of a downward trend: Bollinger Bands and Stochastic are directed downwards, and the MACD histogram is stable in the negative zone.

Support and resistance

Resistance levels: 40.62, 43.75.

Support levels: 37.50, 34.38, 31.25.

ALCOA CORP.: MURREY ANALYSIS

Trading tips

Short positions may be opened below the 37.50 level, with the targets at 34.38, 31.25 and stop loss 39.90. Implementation period: 5–7 days.

Long positions may be opened above 40.62, with the target at 43.75 and stop loss 38.60.


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