ALCOA CORP.: TECHNICAL ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY STOP |
| Entry Point | 42.20 |
| Take Profit | 45.40 |
| Stop Loss | 41.00 |
| Key Levels | 36.70, 39.00, 41.00, 42.20, 45.40, 46.00 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 39.60 |
| Take Profit | 36.70 |
| Stop Loss | 41.00 |
| Key Levels | 36.70, 39.00, 41.00, 42.20, 45.40, 46.00 |
Shares of Alcoa Corp., one of the largest aluminum producers, are correcting at 41.00.
On the daily chart, the price stays within the ascending channel with dynamic boundaries of 46.00–39.00, increasing after a reversal at the support line.
On the four-hour chart, the potential for further growth remains strong. After a consolidation above the high of 42.20, the price may reach the resistance line of the channel of 45.50. However, if the asset declines and renews the low of 40.00, negative dynamics may develop towards the June low of 36.70.
Technical indicators maintain a buy signal. The EMA fluctuation range on the Alligator indicator remains stable, and the AO histogram forms ascending bars in the buy zone.
Trading tips
Long positions may be opened after the price rises and consolidates above 42.20, with the target at 45.40. Stop loss is 41.00. Implementation period: 7 days or more.
Short positions may be opened after the price falls and consolidates below 39.60, with the target at 36.70. Stop loss is around 41.00.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.