American Equity Investments is currently consolidating in a long term pennant
formation after a year long 100%+ run up. Looking into the intermediate daily price action, some interesting moves have been taking place which may lead to a breakout/next leg up. While it's still early, the recent inverse head and shoulders
neckline break above the 50 day ema
marked an end to the downtrend that has been taking place since mid March, on a relative momentum basis as well. While outstanding volume
was not present on the bull candle seen today, the MACD
crossed the 0 line and remains in bullish
territory, as does RSI
. While I won't be fully on board until the January downward resistance line is captured, today proved promising.