SOLID ECN LLC
Solid ECN Representative
- Messages
- 514
Alcoa Corp, technical analysis
The stocks of Alcoa Corp, one of the world's largest aluminum producers, are correcting around 90. On the daily chart of the asset, a global uptrend is developing, in which a five-wave structure is visible. After reaching the year's high of 93, coinciding with the initial trend of 61.8% Fibonacci, the growth has stopped, and the price is consolidating within the local correction.
On the 4-hours chart, a fifth uptrend wave is forming with the target at 108, coinciding with the 100.0% underlying trend level of a Fibonacci extension. Now, the trading instrument is consolidating within the local Triangle pattern, and the resumption of full-fledged growth is possible only after exiting it.
Technical indicators are in the state of a global buy signal, working out a local decline: indicator Alligator's EMA fluctuations range began to narrow but remains directed upwards, and the histogram of the AO oscillator forms bars with a downward trend in the buying zone.
The stocks of Alcoa Corp, one of the world's largest aluminum producers, are correcting around 90. On the daily chart of the asset, a global uptrend is developing, in which a five-wave structure is visible. After reaching the year's high of 93, coinciding with the initial trend of 61.8% Fibonacci, the growth has stopped, and the price is consolidating within the local correction.
On the 4-hours chart, a fifth uptrend wave is forming with the target at 108, coinciding with the 100.0% underlying trend level of a Fibonacci extension. Now, the trading instrument is consolidating within the local Triangle pattern, and the resumption of full-fledged growth is possible only after exiting it.
Technical indicators are in the state of a global buy signal, working out a local decline: indicator Alligator's EMA fluctuations range began to narrow but remains directed upwards, and the histogram of the AO oscillator forms bars with a downward trend in the buying zone.