AAL breaks key support level
American Airlines Group Inc. (AAL) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (AAL as at Aug 10, 2018):
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.