| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY STOP |
| Entry Point | 38.25 |
| Take Profit | 41.50 |
| Stop Loss | 37.00 |
| Key Levels | 32.90, 35.90, 38.20, 41.50 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 35.85 |
| Take Profit | 32.90 |
| Stop Loss | 37.00 |
| Key Levels | 32.90, 35.90, 38.20, 41.50 |
Current trend
Shares of Alcoa Corp., one of the largest aluminum producers, are adjusted around the 37.00 mark.
Company President William F. Oplinger will reveal details of the recent purchase of Alumina Limited in a webcast at the Bank of America Global Metals conference tomorrow in Miami. There will be increased interest in this presentation: the fact is that the spread on aluminum bonds on the London Metal Exchange (LME) last week showed the highest value since May 2021, which was caused by a drop in the level of shares on warrants, which, in turn, is a sign of supply problems.
Morgan Stanley analysts have adjusted their forecast for Alcoa Corp. shares, changing the recommendation from "Underweight" to "Equal weight" and raising the target price from 28.5 dollars to 36.5 dollars. On June 7, the company will send dividends in the amount of 0.10 dollars to shareholders, and the closing date of the register is scheduled for May 21.
Support and resistance
On the D1 chart, the asset has reversed around again and is ready to continue the uptrend, moving away from the support line of the channel with the borders of 41.00–36.00.
Technical indicators have been holding a stable buy signal for a long time: the range of EMAs fluctuations on the Alligator indicator is expanding in the direction of growth, and the AO histogram is forming new correction bars, being above the transition level.
Support levels: 35.90, 32.90.
Resistance levels: 38.20, 41.50.
Trading tips
If the asset continues to grow and the price consolidates above the resistance level of 38.20, one may open long positions with the target of 41.50 and stop-loss of 37.00. Implementation time: 7 days and more.
If the asset continues to decline and consolidates below the support level of 35.90, one can open short positions with the target of 32.90 and stop-loss of 37.00.
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