Alcoa ( AA) has broken out on the upside on the charts. Let's check and see if the strength can continue into the new year. 
In this daily bar chart of AA, below, we can see that prices have broken out on the upside from a three-month plus consolidation pattern that began in early September. Prices are trading above the rising 50-day and the rising 200-day moving average lines.
The On-Balance-Volume (OBV) line shows a strong pattern of aggressive buying as its rise started back in the middle of July and has gone on to make a new high to confirm the price gains. The Moving Average Convergence Divergence (MACD) oscillator is bullish.
In this weekly Japanese candlestick chart of AA, below, we can see an impressive rise from the early 2020 nadir. Prices are trading above the rising 40-week moving average line. The weekly OBV line is bullish and so is the trend-following MACD oscillator as it crosses to a new buy signal.
In this daily Point and Figure chart of AA, below, we can see a $74 price target.
In this weekly Point and Figure chart of AA, below, we see a price target in the $92 area.
Bottom line strategy: We recommended that traders "could go long AA at current levels and on any dip to or even below $55 if available. Risk to $47. $79 is our first price target with $104 after that," back on October 18. Continue to hold longs but raise stops to $50. $74, $79 and then $92 are our price targets for now.
