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

American Electric Power Company Inc. (NASDAQ)

#AEP

 The trend is upward. The stock is trading within the range between the 365 EMA and 135 EMA. The descending wave structure is truncated. The Awesome Oscillator shows a bullish divergence, while the Stochastic Oscillator indicates oversold conditions.

Trading Idea:

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

Stop Loss – 116.80.

Target levels – 119.50; 123.15.