Bulls in Charge of American Electric Power
Published on Friday, 18 January 2013 04:51 Written by TradersHuddle Wire
New York, January 18th (TradersHuddle.com) - Shares of American Electric Power Co., Inc. (NYSE:AEP) ended the trading session higher by $0.08 or 0.19% from its previous close. American Electric Power's price action formed what is considered to be a bullish engulfing candle that could very well signal a continuation of trend or reversal of the ongoing weakness.
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 recent stock range was formed by a trough where calculated support was defined at $40.72 and by a peak that established the resistance level at $43.76. This range could be used by traders managing their positions.
Traders wanting to establish a position in American Electric Power or traders that are already holding the stock can use the bullish engulfing pattern to their advantage. The pattern provides a defined risk, as it shows where the bears were able to push the stock down, before the bulls step in with a bid.
The bullish engulfing pattern is a leading indicator that provides an alert to the bulls that the trend will continue or that there is an immediate reversal to the short-term weakness seen on the stock. Below an Engulfing Bullish Candle Illustration:
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