AEP Bullish
Price recently closed above the .78 fibonacci level and the most recent candle managed to hold that level.
The OBV confirms the recent price action.
The D+ crossed D- on the ADX on 9/1 and the MACD is currently crossing.
AEP has a negative correlation coefficient of -0.5880 (1 year) in relation to the SPY so despite the possible double top formation I am inclined to take a shot at this as S&P futures cratered premarket after the inflation report.
Tight 1 ATR stop: 103.38 (.61 Fibonacci level)
Target: 108.87
The OBV confirms the recent price action.
The D+ crossed D- on the ADX on 9/1 and the MACD is currently crossing.
AEP has a negative correlation coefficient of -0.5880 (1 year) in relation to the SPY so despite the possible double top formation I am inclined to take a shot at this as S&P futures cratered premarket after the inflation report.
Tight 1 ATR stop: 103.38 (.61 Fibonacci level)
Target: 108.87
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