AEP rockets 1.38% on low volume
American Electric Power (AEP) Technical Analysis Report for Apr 16, 2018
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.
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.
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.
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.
As prices are trading close to April's high at 69.42, upside momentum might accelerate should AEP mark new highs for the month.
While classical technical analysis indicates a bullish sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
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