Bears Appeared on American Electric Power
Published on Monday, 20 August 2012 04:42 Written by TradersHuddle Wire
New York, August 20th (TradersHuddle.com) - Shares of American Electric Power Co., Inc. (NYSE:AEP) ended the trading session lower by $0.18 or -0.42% from its previous close. American Electric Power's price action formed what is considered to be a bearish engulfing candlestick chart pattern.
American Electric Power Company, Inc.(NYSE:AEP) provides electric service, consisting of generation, transmission and distribution, on an integrated basis to their retail customers. AEP serves portions of the states of Arkansas, Indiana, Kentucky, Louisiana, Michigan, Ohio, Oklahoma, Tennessee, Texas, Virginia and West Virginia.
American Electric Power's current stock range is determined by calculated support defined at $36.97 and by the resistance level at $43.96, which should be used by traders planning their next move.
If traders want to establish a position in American Electric Power, they need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal in the current price action. The Bearish engulfing pattern is a leading warning sign; therefore, traders should closely monitor American Electric Power for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration:
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