| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY STOP |
| Entry Point | 37.60 |
| Take Profit | 40.10 |
| Stop Loss | 36.00 |
| Key Levels | 26.50, 27.00, 30.86, 34.80, 36.00, 37.60, 38.00, 40.10 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 35.96 |
| Take Profit | 30.86 |
| Stop Loss | 38.00 |
| Key Levels | 26.50, 27.00, 30.86, 34.80, 36.00, 37.60, 38.00, 40.10 |
The shares of one of the world’s largest aluminum producers, Alcoa Corp., are trading at 36.00.
On the daily chart, the price moves within the ascending channel with dynamic boundaries of 38.00–26.50 and, after the completion of the next downward wave, it is near the resistance line.
On the four-hour chart, the possibility for further growth looks high, and consolidation above the local high of December 27 at 34.80 and the basic correction of 38.2% Fibonacci at 36.00 increases the growth potential. If the quotes fail to pass the channel resistance line and turn down, the movement will continue to the area of the channel support line around 27.00.
Technical indicators confirm the likelihood of an upward movement: the EMA fluctuation range on the Alligator indicator continues to expand in the direction of growth, and the AO histogram, being in the buy zone, forms upward bars.
Trading tips
Long positions may be opened after the consolidation above 37.60, with the target at 40.10. Stop loss – 36.00. Implementation period: 7 days or more.
Short positions may be opened after the price declines and consolidates below 35.96, with the target at 30.86. Stop loss is around 38.00.
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