American Electric Power (AEP) is likely to power higher in the weeks ahead.
In this chart, above, we can see a low at $52 in late June and again in early September giving us a double bottom. AEP is above its rising 50-day simple moving average. The On-Balance-Volume (OBV) line has been in an uptrend since late July.
The Moving Average Convergence Divergence (MACD) oscillator is rising and is above the zero line. Prices are pushing through their August highs and that opens up a target from the pattern of $65. Not bad.
In this longer-term chart of AEP, we can see a strong uptrend in the price chart and the On-Balance-Volume (OBV) line. The MACD oscillator is rising and prices are above the 40-week moving average.
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The shares of this utility stock have turned lower from a choppy sideways pattern.
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