Alcoa Corp

AA remains in a high-confidence Stage 4 decline with confirmed lower highs and lower lows beneath all major EMAs. Price has not produced a sustainable oversold bounce and rallies continue to be rejected at declining dynamic resistance. The medium-term bias is bearish, so execution should be deferred by trimming into any rallies near the falling EMA zone.

• ↑South32 acquisition at $4.1B boosts upstream capacity and synergies.
• ↑Q1 net income $425M and EPS $1.40 demonstrate operational strength.
• ↓Q1 revenue $3.19B, down 7% YoY, missed $3.3B consensus.