Support 1: 24.00                     Resistance 1: 27.04

American Airlines has been on a strong downward trend since the high of January 2018. On 14 August 2019, it broke below the psychological low of 27.00. We believe American Airlines may have a chance for a short-term rebound based on the technical indicators below:

• Bullish Engulfing pattern formed above psychological level of 24.00 and strong closure above 127.2% of the Fibonacci extension level.
• Falling Wedge Formation
• Stochastic Oscillator indicates a potential oversold crosses.
• RSI Bullish divergence.

CHART LEGENDS

Moving Average

Red dotted line = 200 SMA