AEP rockets 1.38% on low volume


American Electric Power (AEP) Technical Analysis Report for Apr 16, 2018 [1 min read]
Highlights
AEP rallies 1.38% on low volume
AEP pushes through key resistance level
AEP dominated by bulls lifting the market higher throughout the day
AEP pushes through 20-day moving average
AEP closes higher for the 2nd day in a row
TQ Sentiment
Report Sentiment: 66% Bullish
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, AEP ended Monday at 68.27 surging $0.93 (1.38%) on low volume. This is the biggest single day gain in over two weeks. Today's closing price of 68.27 marks the highest close since April 9th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 67.59, the stock confirms its breakout through the previous session's high having traded $0.81 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for AEP
Volatility

Monday's trading range was $0.98 (1.45%), that's slightly below last trading month's daily average range of $1.12. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being below average.

Support/Resistance

Breaking through the key resistance level at 67.69 today, it is now likely to act as support going forward. Prices are trading close to the key resistance level at 68.98.

Trend

The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish. The share managed to break above the 20-day moving average at 67.90 today for the first time since March 13th.

Order Flow

As prices are trading close to April's high at 69.42, upside momentum might accelerate should AEP mark new highs for the month.

Conclusion

While classical technical analysis indicates a bullish sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Market Conditions for American Electric Power
ConditionForecastDirectionWinAvgWorstBestEvents
Low close to previous two Lows TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
High close to previous two Highs TQ Pro Members Only
Close to Swing High TQ Pro Members Only
2 Consecutive Lower Closes TQ Pro Members Only
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