Trade Idea for American Electric Power Company Inc. (NASDAQ)

American Electric Power Company Inc. (NASDAQ)

#AEP

   The trend is bullish. The support level at 113.62 is holding back sellers. The descending wave structure is truncated. The Awesome Oscillator shows bullish divergence, while the Stochastic Oscillator signals oversold conditions.

Trading Idea:

Buy upon the formation of an ascending wave structure, where wave (A) breaks through the trend channel of the truncated descending structure.

Stop Loss: 113.62.

Target levels: 117.10; 123.15.