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Tuesday July 20, 10:21
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AIG completes ’head-and-shoulders’, breaks uptrend line
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Shares of insurer AIG (AIG) were down $1.37, or 2 percent, at $67.43, completing a "head-and-shoulders" reversal pattern and breaking below a weekly trendline in the process, according to CBSMarketWatch. The two "shoulders" are the mid-February high of $75.66 and the June 7 high of $74.98, the top of the "head" is the April 13 high of $77.36 and the "neckline" equates to the March 24 and May 10 lows of about $68.70. The pattern isn’t technically completed until the stock closes below the "neckline." The weekly trendline connects the mid-March low of $42.92, the mid- to late-November lows of $56.16 and $56.85 and last week’s low of $69. There should be support at the late-July highs just above $65 at the bottom of the Dec. 15 and Dec. 12 gaps between $61.41 and $59.64. In addition, the "measured move" calculation of the "head-and-shoulders" targets about $60. Close resistance should now be at the neckline $68.70, followed by the July 13 high of $71.49.
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