American Airlines Group Inc. - (AAL) - February 25, 2021

by SIACharts.com

Since returning to the Green Favored Zone of the SIA S&P 500 Index Report last month, American Airlines (AAL) has continued to ascend in the rankings. In the last month, it has climbed 257 spots to 34th place, including a gain of 10 places yesterday.

A major breakout is underway in American Airlines (AAL) shares. Launching up off of $15.00 trend support, which had previously been a resistance level, the shares have regained $20.00 this week for the first time in a year, completing a bullish Ascending Triangle pattern. Currently, the shares are testing downtrend resistance near $22.50, where a breakout would confirm the start of a new uptrend.

Next potential upside resistance on trend appears near $25.00 where a round number and previous support level converge, followed by the $29.75 to $30.00 area where a measured move, round number and previous support/resistance cluster. Initial support moves up to the $20.00 round number and breakout point.

Back in November, American Airlines (AAL) broke out of a base, completing a bullish Quadruple Top pattern and then snapped an uptrend line in December to signal the start of a new uptrend. The shares consolidated normally for a few weeks while higher lows indicated that underlying accumulation remains intact. This month, the shares have embarked on a new upleg, completing a bullish Triple Top pattern, regaining the $20.00 level and climbing above its June 2020 peak.

Next potential upside resistance appears near $27.25 where vertical/horizontal counts and previous column lows converge, followed by $30.00 where previous column highs/lows and a round number converge. Initial support appears between $19.80 and $20.00 where a three-box reversal and a round number converge.

With its bullish SMAX score increasing to a perfect 10, AAL is exhibiting near-term strength across the asset classes.

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

Total
0
Shares
Previous Article

The Birth of Global Tech Continues

Next Article

On My Mind ā€” Inflation: The Devil We Knew

Related Posts
Subscribe to AdvisorAnalyst.com notifications
Watch. Listen. Read. Raise your average.