Alcoa Corp.: Technical Analysis
| Scenario | |
|---|---|
| Time frame | Weekly |
| Recommendation | BUY STOP |
| Entry point | 47.40 |
| Take Profit | 51.70 |
| Stop Loss | 46.00 |
| The most important levels | 40.00, 41.00, 44.20, 46.00, 47.50, 51.00, 51.70, 52.00 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL-STOP |
| Entry point | 44.20 |
| Take Profit | 40.00 |
| Stop Loss | 46.00 |
| The most important levels | 40.00, 41.00, 44.20, 46.00, 47.50, 51.00, 51.70, 52.00 |
Shares of Alcoa Corp., one of the largest aluminum producers, are correcting at 46.00.
On the daily chart, the price is approaching the already tested resistance line of the ascending channel with dynamic limits of 51.00–41.00.
On the 4-hour chart, the potential for further growth remains high, which confirms that quotes are above the maximum of 45.00 from May 14, and in case of consolidation above the extreme of 47.50, the asset will be able to reach the resistance line of the 52.00 channel.
Technical indicators maintain a buy signal: the EMA fluctuation range on the Alligator indicator is widening in the upward direction, and the AO histogram is forming corrective bars in the buy zone.
Trading scenarios
Long positions can be opened after the price rises and stops above the level of 47.40 with a target of 51.70. Stop-loss — 46.00. Execution time: 7 days and more.
Short positions can be opened after the price falls and stops below the level of 44.20 with a target of 40.00. Stop-loss — around 46.00.
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.