AIG Is Close to its 50 Day Moving Average

Published on Friday, 27 July 2012 05:36 Written by TradersHuddle Wire

New York, July 27th (TradersHuddle.com) - American International Group, Inc. (NYSE:AIG) closed the trading day at $30.69, near its 50 day moving average that is set at $30.48. AIG's price action is just above this important support level, providing a trading opportunity.

American International Group, Inc. (NYSE:AIG) through its subsidiaries provides a varied range of insurance and insurance-related products in the United States and abroad. The Company's main activities include both general insurance and life insurance & retirement services operations as well as financial services and asset management. AIG participates in the credit default swaps and mortgage backed securities markets.

The peaks and troughs algorithm shows calculated support at $29.90 and calculated resistance at $32.62. These levels should also be evaluated when planning trades, as they provide an insight into the latest price action.

Traders wanting to establish a position on AIG should look for evidence of buying near the 50 day moving average, and open this position as close as possible to this important level. Also, they need to consider the latest range defined by the peaks and troughs algorithm for insights on other key levels that might impact an upside or downside move.