The last time we talked about America Airlines (AAL) was in March of last year. When the market had crashed globally. At that time, we analyzed that AAL stocks had reached an important buying zone, a zone that in Elliottwave Forecast we call “The Blue Box”. Here you can review the article in question: American Airlines (AAL): Another Buying Opportunity (elliottwave-forecast.com)
America Airlines (AAL) Video July 22, 2021
Now more than a year later, we go back to review how American Airlines shares perform. We show in the video that the stock price rebounded from the blue box that we recommended over a year ago and it has been on recovery. We can clearly see 3 swings to the upside which we have called wave ((1)), ((2)) and ((3)); where wave ((3)) reached a peak at $26.10. Peak that we believe will be momentary. Then the market made a flat correction, which has reacted perfectly from the equal legs from the new blue box we have drawn. Therefore, we expect to continue the bullish movement and break the peak of $26.10 as long as we stay above the price of $18.26.
All this analysis is completely technical, regardless of what is happening with the covid19 pandemic or any event worldwide that could affect the market. It is based on years of chart analysis experience and Elliott Wave Theory. (If you want to learn more about Elliott Wave Theory, please follow this link: Elliott Wave Theory).
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