Alcoa Wave Analysis 8 August 2023

– Alcoa reversed from key support level 32.80

– Likely to rise to resistance level 34.65

Alcoa recently reversed up from the key support level 32.80, which has been reversing the price from May, coinciding with the lower daily Bollinger Band.

The upward reversal from the support level 32.80 is likely to form the daily Japanese candlesticks reversal pattern Hammer – strong buy signal for Alcoa.

Given the strength of the support level 32.80, Alcoa can be expected to fall further toward the next resistance level 34.65.