The following is technical analysis on American International Group ( AIG ) stock for 8/5/09AIG Support & Resistance Levels - August 5, 2009
Resistance Levels: $19.58, $22.96, $23.10
Support Levels: $18.31, $16.20, $14
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American International Group, Inc. (AIG) stock is soaring today on short covering and overall better market conditions. AIG is also still down from the $23.10 price it should have opened up on the day of the reverse split. On that day, AIG opened at around $17.50 and hit a high of $22.96 before plunging below $10 days later.
Today we broke three major resistance levels so far, $14 ( weekly resistance ) - $16.20 (July 14th resistance ) - and $18.31 from July 6th.
The next major resistance level I am watching is the high 1 day after the reverse split which was $19.58. I feeling that if we can close above $19.58, we can retest $22.96 sometime soon. The volume is higher, the surge is great....I am in the stock. If we would break up through $23.10....I will come back and update...don't want to get to crazy with price targets yet. Yes the move today is huge, but we are only getting back to even from the start of July. I am in AIG for a trade only, I am not a long term investor
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