AAL breaks key support level
Moving lower for the 2nd day in a row, AAL finished the week -3.02% lower at 37.26 after losing $0.66 (-1.74%) today. Today's closing price of 37.26 marks the lowest close since July 13th. Closing below Thursday's low at 37.89, the market confirms its breakout through the previous session's low having traded $1.45 below it intraday.
Friday's trading range was $1.31 (3.47%), that's slightly above last trading month's daily average range of $1.04. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.
Breaking below the key support level at 37.55 today, it is now likely to act as resistance going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
With prices trading close to this year's low at 35.64, downside momentum might speed up should American Airlines break out to new lows for the year.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
Market Conditions for American Airlines Group
|Close to R1 Resistance||TQ Pro Members Only|
|Closed above last periods high||TQ Pro Members Only|
|Bearish Bounce off SMA 20||TQ Pro Members Only|
|3 Consecutive Higher Closes||TQ Pro Members Only|
|Bounced off Technical Resistance R1||TQ Pro Members Only|
More market conditions identified for TQ Pro members...
Learn more about TQ Pro