AAL breaks key support level


American Airlines Group (AAL) Technical Analysis Report for Aug 10, 2018 [< 1 min read]
Highlights
AAL breaks key support level
AAL closes lower for the 2nd day in a row
AAL breaks below previous session low
AAL falls to lowest close since July 13th
TQ Sentiment
Report Sentiment: 50% Bearish
Technical Forecast:
Overview

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.

Daily chart for AAL
Volatility

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.

Support/Resistance

Breaking below the key support level at 37.55 today, it is now likely to act as resistance going forward.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Order Flow

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.

Conclusion

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
Condition Forecast Direction Win Avg Worst Best Events
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...
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