Alcoa (AA) shares initially plunged by 40% in 2025, bottoming out at $21.47 — a level not seen since January 2021. However, they’ve since staged a notable comeback, reclaiming nearly half of those losses and rising to $31.94 last week. Currently, the stock is consolidating near the $30 level, showing signs of stability.

More importantly, prices have pushed back above a key trend support line, suggesting that the long-term uptrend may be reasserting itself. This development strengthens the technical outlook and implies that the recent recovery could be more than just a bounce.

Based on this structure, a long position in the $29–$31 range looks attractive, with a medium-term target of $40–$45 — a potential gain of around 40%. To manage downside risk, a stop-loss around $20 (just below the recent lows) seems prudent.