AIG Broke Resistance
Published on Tuesday, 12 February 2013 05:36 Written by TradersHuddle Wire
New York, February 12th (TradersHuddle.com) - Shares of American International Group, Inc. (NYSE:AIG) closed the session at $39.45 just above calculated resistance at $39.13. The stock moved to what appears to be a higher range, spurring attention from momentum buyers.
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 stock was trading in a well defined range with support at $34.56 and resistance at $39.13. Given that this range was broken, traders will be closely monitoring AIG's price action to gather clues on the future direction.
From a technical perspective, it can be expected that previous resistance becomes support, as the new range gets defined. However, given that AIG is still near the broken resistance level, traders will be focusing on the $39.13 level to see if the stock holds the breakout without rolling over.
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