AAL closes below its opening price unable to hold early session gains


American Airlines Group (AAL) Technical Analysis Report for May 17, 2018 [1 min read]
Highlights
AAL breaks key support level
AAL closes below its opening price unable to hold early session gains
AAL ends the day on a bearish note closing near the low of the day
AAL closes within previous day's range after lackluster session
TQ Sentiment
Report Sentiment: 57% Bearish
Technical Forecast:
Overview

AAL finished Thursday at 43.63 losing $0.43 (-0.98%). Trading $0.61 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for AAL
Volatility

Thursday's trading range was $1.02 (2.32%), that's below last trading month's daily average range of $1.39. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way below average.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. After moving higher in the previous session, American Airlines closed lower but above the prior day's open today, forming a bearish Harami Candle.

Support/Resistance

Breaking below the key support level at 43.81 today, it is now likely to act as resistance going forward.

Trend

While the share is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.

Order Flow

Buying could accelerate should prices move above the nearby swing high at 44.91 where further buy stops might get triggered.

Conclusion

Even though both sentiments are bearish for the next trading day, the classical technical analysis metrics are only slightly bearish while our quantitative statistics show a bearish sentiment.

Market Conditions for American Airlines Group
Condition Forecast Direction Win Avg Worst Best Events
Close to S1 Support TQ Pro Members Only
Price broke through Technical Resistance R1 TQ Pro Members Only
Bearish Hikkake Pattern TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
Bullish Harami Candle TQ Pro Members Only
More market conditions identified for TQ Pro members...
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AAL pushes through key resistance level

Aug 14, 2018
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