Stock of the day: AIG

By Tomasz Wisniewski|

Published: December 21 2023, 12:55 GMT+0

Stock of the day: AIG

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In the spotlight today is American International Group (AIG), a stock reflecting the current market dynamics, notably the recent bearish correction in indices. AIG presents itself as an intriguing case for traders eyeing a sell-off opportunity that aligns with broader market trends.

AIG’s price action has been confined within a channel-up formation, delineated by blue lines, over the past few months. This pattern has provided a clear framework for understanding the stock’s trajectory. However, the scenario became particularly interesting in December when AIG’s price approached the upper boundary of this channel.

Yesterday’s trading session marked a pivotal moment for AIG. The stock exhibited a bounce off the upper line of the channel-up formation, a classic move that often signals a take-profit action by traders. This move is not just a random fluctuation but seems to be a part of a larger pattern that is congruent with the ongoing correction in the broader indices.

Given the recent developments, the immediate potential targets for AIG lie along the lower line of the current channel-up pattern. Additionally, the long-term uptrend line, illustrated with a black color on the chart, also emerges as a significant level to watch. This line could act as a magnet, drawing the price down in a bearish correction trajectory.

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-aig-1

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