Technical Pulse: American Airline July 16, 2019

 

Support 1: 30.49                     Resistance 1: 33.90

Support 2: 27.05                     

 

American Airline’s bearish fall has come to a halt when prices broke out of the rising wedge since the start of June 2019. With that, the stock’s bullish trajectory is confirmed. In the recent periods, the stock has formed into an ascending triangle formation and the next ideal move is for the stock to retrace back to 33.00 Psychological area and rebound after that.

The short term 22 and 50 SMA have crosses upward six periods ago and prices have been trying to break the 200SMA. Once price breaks above the 200SMA, we can be assured that the stock will be set for a greater rally ahead.    

 

CHART LEGENDS

Red dotted line = 200 periods moving average

Blue dotted line = 50 periods moving average

Green dotted line = 200 periods moving average

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Profile photo of Chua Wei Ren

Chua Wei Ren
Technical Analyst
Phillip Securities Research Pte Ltd

Wei Ren specialises in Technical Analysis and has 9 years of experience in studying classic technical price action. He also study and research extensively on Elliott wave theory, Dow Theory and Supply & Demand strategies as he believes that history plays an important role in how the market is reflected in the future.

He graduated with a Bachelor of Economics and Finance from University of Murdoch.

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