AAL Stock Price Escapes Selling Region, Bears Don’t Want to Give-up

• NASDAQ: AAL stock price is rising above a downsloping trendline.
• The bears barely manage to keep the asset price below the resistance level.
• Trading volume was at a low of $23.7 million on Monday amid a volatile market.

American Airlines Group Inc. (AAL stock price) has risen over the past few days. Investors were happy to see the recovery in the global stock market in the letter of Monday 7 November. The Dow Jones closed 1.31% higher at $32,827, with the S&P 500 and Nasdaq having recovered more than 0.85% in the same day. This positive weekly opening gives rise to bullish hopes for new buyers.

NASDAQ: AAL stock price is showing a bullish trend. After reversal from annual lows, buyers got back around 24% of the cost. Amidst this bounce back, the bulls successfully escaped from the downsloping trendline in terms of daily price action. This resistance trendline was a major selling area for the bears prior to the breakout.

Trading volume seems to be low below the average moving line. On monday, trading volume  was 23.7 Million and average trading volume reported at 36.3 Million. Due to stable trading volume, AAL stock price has fluctuated in a narrow horizontal range of $13.25 to $14.50 since 19 OCT.

On the behalf of Monday’s closing price, the daily price candle reflected the Dragonfly Doji candle. Meanwhile, the closing price of asset price is $14.3 along with 1.49% gain. Thus market cap reached at $9.31 Billion as per Google Finance.  

The price action reflected double bottom formation just above the key demand zone. And ADX continues to decline. 

In terms of the daily price scale, buyers are aggressively accumulating AAL stock price above the 20,50 and 100 day moving averages. The 100 DMA is the biggest achievement of the tailoring traders, now they need to hold this area for as long as possible. Apart from this, the 200 DMA remains well above the current price.

Recently the RSI indicator found support at the semi-line, which is providing fuel for the higher momentum.

Conclusion

NASDAQ: AAL stock price is trending inside a narrow range market. The 20 and 100 DMAs provide support to investors. To reach the 200-day SMA, the bulls must hold the asset price above the $14.5 resistance level.

Support level – $12 and $10

Resistance level – $14.5 and $20

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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