Courtesy of AC Investor
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If you look at the technical daily chart above, you see nothing that would make you want to buy AIG, but if you look a little closer, you will see that AIG closed up today trading over 2x normal daily volume, telling us there are buyers right now in the stock. From a near term perspective the most obvious level to watch is right now the $43.40 level. The bulls need to push prices above this level to start making some progress. I’m watching the stock closely on Monday to see if the buying continues.
Market Club has a very interesting take on how AIG is playing out after the past volume surge. The “Trade Triangles” paint the picture. CLICK HERE and just enter the ticker (AIG) your name and e-mail address for the FREE No strings Attached Report sent realtime to your in-box!
FREE Analysis For AIG Here
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Technically, AA remains in an uptrend channel as price is within the parallel lines. As long as price remains above the trend line, the trend is intact and odds will suggest higher prices. Stochastic Oscillator indicate the stock is becoming oversold in the short-term and will probably bounce rather than keep going down. A significant technical resistance is only at 13.71.
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BAC is back on the list, as the stock is setting up for another upside move. The stock was a good winner on Friday, as it received an upgrade with a $25 price target from Bernstein. The stock has resistance at $16.61, which was the previous support. Technicals are currently oversold but remain neutral to bearish signaling sideways to lower prices possible in the near term. Only a close above the resistance will confirm the short term low for the stock. I’m watching BAC on Monday and expect a big move once it breaks resistance.
FREE Analysis For BAC Here
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Other Stocks to Watch :
Today’s candlestick pattern was a Bullish Engulfing
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ABT – ABBOTT LABORATORIES
KO – COCA COLA CO
IVZ – INVESCO LTD
SWY – SAFEWAY INC
MYL – Mylan Inc
ALL – ALLSTATE CORP
PLCM – Polycom, Inc.
AMT – AMERICAN TOWER CORP
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CWTR – Coldwater Creek, Inc.
TAM – TAM S.A.
LO – Lorillard Inc
WTSLA – Wet Seal, Inc.
ALGN – Align Technology Inc
SOA – Solutia Inc
ELNK – EarthLink, Inc.
YONG – Golden Tan Inc
UFS – Domtar Corp
HEV – Enerl Inc
PWER – Power-One, Inc.
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