Current trend

Shares of Alcoa Corp., one of the largest aluminum producers, have been rising for the third month. During this time, the quotes have reversed at 28.12 (Murrey level [1/8]), moved into the positive part of the main Murrey trading range, and are currently close to 46.88 (Murrey level [7/8]). A consolidation above will allow the upward dynamics to continue and reach 50.00 (Murrey level [8/8]), 53.12 (Murrey level [ 1/8]), and 56.25 (Murrey level [ 2/8]).

The key level for the “bears” seems to be 40.62 (Murrey level [5/8]). Its breakdown will ensure a decline in the instrument to the area of ​​34.38 (Murrey level [3/8]) and 28.12 (Murrey level [1/8]). However, it seems less likely soon since technical indicators reflect the continuation of the upward trend. Bollinger Bands and Stochastic are directed upward, the MACD histogram is increasing in the positive zone.

Support and resistance

Resistance levels: 46.88, 50.00, 53.12, 56.25.

Support levels: 40.62, 34.38, 28.12.

Trading tips

Long positions should be opened above 46.88, with the targets at 50.00, 53.12, 56.25, and stop loss 44.45. Implementation period: 5–7 days.

Short positions should be opened below 40.62, with the targets at 34.38, 28.12, and stop loss 43.80.