Alcoa Corp., H4

On the H4 chart of Alcoa Corp., one of the largest aluminum producers, a large graphical "Double Bottom" pattern is being built: quotes completed its formation and turned up, forming the "Hammer" and "Long-Legged Doji" candle analysis figures near the key support level of 27.22. At the moment, the asset has formed a price gap and is holding at 31.37, demonstrating the potential for further growth. Most likely, the "bulls" will continue to restore the price to the resistance level of 32.82, after overcoming which the upward dynamics may strengthen to the area of 35.01–40.10. If the "bears" overcome the key support level of 29.92, one should expect a decline to the area of 27.22–23.13.

Alcoa Corp., D1

On the D1 chart of the asset, it is also possible to identify the "Double Bottom" price pattern, the potential target for which is located around the 40.10 mark and above. In addition, it should be noted the construction of the "Morning Star" candle model, which signals an upward price reversal and the transition of the initiative into the hands of the "bulls". Most likely, in the near future, the quotes will continue to recover to the resistance level of 32.82, overcoming which will become a catalyst for opening long positions with targets in the area of 35.01–40.10.

Support and resistance

Support levels: 29.92, 27.22, 24.88, 23.13.

Resistance levels: 32.82, 35.01, 37.68, 40.10.

Trading tips

Long positions can be opened above the 32.82 mark with targets of 35.01, 37.68, 40.10. Stop-loss – 31.37. Implementation period: 7 days and more.

Short positions can be opened below the level of 29.92 with targets of 27.22, 24.88, 23.13. Stop-loss – 31.37.