AMR At It’s 38% Fibonacci Retracement Level

Today AMR completed a 38% retracement. Look for a correction to the upside here trading to 5.95 then further correction to set up a buy price. Some of this analysis is being tracked in the Trading Strategies section.

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By SSTtrader | November 18, 2009 | Watch List | 2 Comments |
  • daytrader

    AMR has so far bounced off an exact 62% fibonacci retracement level of 5.46 from trading levels 5.11 to 6.05. AMR has also so far seen over 13,000 Dec. 6 calls trade to an open interest of 9,000.

    AMR could be in the mists of finishing an irregular correction. Updates soon to come for AMR in Trading Concepts with possible trading levels and more analysis. As well as a buy signal for AMR at this 5.46 level.

  • daytrader

    AMR appears to be forming a wave 2, if the 5.44 short term trading bottom holds. Today AMR attempted to hit a 62% Fibonacci retracement from this low to 5.64.

    AMR is a buy at the 5.50 price level, with a sell stop below 5.44. Short term trading price targets would be 5.88 and 6.16.

    Look for a price entry point to present itself tomorrow if you are not already in and want to trade this time frame. Reference the 15 minute chart if you want to view these particular trading price levels.