AIG pushes through 50-day moving average
American International Group Inc. (AIG) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, AIG finished Thursday at 54.79 gaining $1.08 (2.01%). Today's closing price of 54.79 marks the highest close since May 2nd. Closing above Wednesday's high at 53.74, the stock confirms its breakout through the previous session's high having traded $1.34 above it intraday.
Daily Candlestick Chart (AIG as at May 17, 2018):
Thursday's trading range was $0.64 (1.17%), that's below last trading month's daily average range of $0.92. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way above average.
Breaking through the key resistance level at 54.76 today, it is now likely to act as support going forward.
Although the share is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory. American International managed to break above the 50-day moving average at 54.39 today for the first time since April 27th.
As prices are trading close to May's high at 56.33, upside momentum might accelerate should the market mark new highs for the month.