American Airlines is still in a “NoGo” since correcting from hitting a high in mid March.
As price rallied to retest the resistance line (that used to be support) the GoNoGo Oscillator is riding the zero line. This has caused the grid of the GoNoGo Squeeze to climb to its extreme. We will watch to see the break out of the squeeze to indicate the next direction of price. All else being equal, we’d expect the oscillator to get rejected from the zero line and momentum to come back in the direction of the trend. In which case, look for price to roll over and fall to a target zone between $17-18.
