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by Darius Anucauskas

Could The American Electric Power Stock Move Any Higher?

Looking at the technical picture of American Electric Power stock (NYSE: AEP), we can see that it is once again near its key resistance area, at 88.28, marked by the highest point of April. At the same time, the share price is balancing above a short-term tentative upside support line taken from the low of March 23rd. For now, we will take a somewhat positive approach, however we would prefer to wait for a break above the 88.28 barrier first, before getting comfortable with higher areas.

A strong move above the aforementioned 88.28 hurdle would confirm a forthcoming higher high and increase the stock’s chances of moving further north. AEP might then travel to the 92.71 obstacle, a break of which could set the stage for a test of the 95.66 level, marked by the high of March 17th.

Our oscillators, the RSI and the MACD, are suggesting that there might be some more upside left in the near term. The RSI is above 50 and points higher, and the MACD is also pointing slightly higher, while sitting above zero and its trigger line.

Alternatively, a break of the previously-mentioned upside support line and price-fall below the 81.47 hurdle, marked by the high of May 27th, could open the door to further declines, as some new investors may get spooked from entering. If so, AEP could slide to the 79.27 obstacle, a break of which might clear the path to the 76.20 level, marked by the lowest point of May.

AmericanElectric-Daily

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