AA Breakout

17 Sep 2013

I've been watching this for several weeks. The flags on this chart indicates anomalies between price action and volume indicating to me Insider buying. I've noted quite a few in past weeks. As it approached resistance I anticipated a pull back especially since it coincided with media reports of AA getting pulled from the Dow 30. It popped over a long established resistance line and then pulled back to support, forming a high base. Today confirmed the BO. I think this has legs. The candle, marubozu, is bulllsh going into tomorrow, This is supported by the 1 hr charts that show three subsequent advances supported with increasing volume at the end of the day.