American Eagle Outfitters shows the technical environment is a “Go” but there are some hurdles to overcome.
After seeing a lengthy “NoGo” that brought price to ultimate lows of around $23.50. Since then GoNoGo Oscillator was able to climb above the zero line and GoNoGo Trend painted a string of amber “Go Fish” bars and then identified a “Go” trend which has strengthened to strong blue bars. The oscillator seems to be finding support at the zero line which indicates momentum is in the direction of the “Go” trend. There is resistance ahead however, from the runaway gap in early September. We will look to see if price can consolidate at these levels and ultimately fill the gap.
By
Alex Cole
