maatspencer

$AFG - Breakout coming

Long
NYSE:AFG   AMERICAN FINANCIAL GROUP INC OHIO
News:

"In company news, American Financial Group ( AFG ) climbed over 17% after late Wednesday announcing the sale of its annuity business to the life insurance arm of privately held Mass Mutualfor $3.5 billion in cash. The property and casualty insurer said it expects to book a $7.10 to $7.90 per share after-tax gain after the deal closes its Q2 ending June 30."

Not active yet, but it looks like movement is imminent.

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From new process which begins with the stock screener. I am trying to identify stocks that have bottomed out or at least hit a lower resistance that begin to have upwards momentum in the RSI coupled with an EMA crossover event.

Initial Filters:
>2B Market Cap to filter small companies
Debt to Equity Ratio ( MRQ ) < 0.5 to mitigate some risk
Average Volume (30 day) > 500k -> We need volume for a big breakout
Exchange limited to NYSE and NASDAQ
RSI (56 hrs ) > 45 -> In order to have a breakout there needs to be upwards momentum in the RSI
RSI (28 hrs ) between 54 and 70 -> shorter term RSI than the other to show upwards momentum.

At any given time this returns around 75 tickers.

Next setup alerts on EMA (40hrs) over EMA (120hrs) and EMA (80hrs) over EMA (200hrs). This will result in only a few alerts per day. As they come out check to see if they fit your standard trend analysis for a potential breakout.
Trade active: Entry at $92.69
Trade closed: target reached

Comments

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