Medium term view - AMERICAN ELEC. POWER : The 62% retracement is causing the bounce.
The trend has been momentarily interrupted by a correction. It approaches the support at $62.700, which also is the invalidation level. It should cause a bounce and resume the bullish trend. The next target is at $76.600. The invalidation level is below $62.700.Arguments :
- The 62% retracement is causing the bounce.
- The MACD is rising.
- The moving average is supporting prices.
American Electric Power Company is a public utility holding company. The public utility subsidiaries of the company provide electric service, consisting of generation, transmission and distribution, on an integrated basis to their retail customers. The service areas of the company's public utility subsidiaries cover portions of the states of Arkansas, Indiana, Kentucky, Louisiana, Michigan, Ohio, Oklahoma, Tennessee, Texas, Virginia and West Virginia. Transmission networks are interconnected with distribution facilities in the territories served. The company's service company subsidiary provides accounting, administrative, information systems, engineering, financial, legal, maintenance and other services.
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