1
AEP stock bounced and is attempting to escape the 20 day EMA.
2
Buyers are gaining momentum and are looking to surpass the $75 level.
American Electric Power Company (AEP stock) is inside the falling parallel channel and is close to the 20 day EMA, where bulls are trying to sustain above it to extend the rebound. Meanwhile, sellers have grabbed the region tightly and did not permit the bulls to escape the barrier landing bulls in trouble. Moreover, the price action shows a downtrend and AEP share price lost more than 25% of the gains from the last quarter and is still struggling to retain the gains delivering the bears dominance. In 2023, Q1 and Q2 earnings, were below the estimates and the bear cartel was again ready ahead of the Q3 results and started making short positions which floated a negative sentiment.
AEP stock is below neutrality and is close to the 38.2% Fib zone which if broken, the downfall will expand to the demand zone of $60. However,
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