Alcoa Wave Analysis – 7 July 2023

– Alcoa reversed from support level 34.00

,- Likely to rise to resistance level 34.80

Alcoa recently reversed up with the daily Hammer from the pivotal support level 34.00, which stopped the previous sharp downtrend in May as can be seen below.

The support zone near the support level 34.00 was further strengthened by the lower daily Bollinger Band,

Given the strength of the support level 34.00, Alcoa can be expected to rise further toward the next resistance level 34.80 (top of the earlier minor correction (ii)).