The bullish DailyPlay we chose for Friday, Aug 31st is American Electric (AEP). AEP is part of the Utilities Sector (XLU). Over the last month, XLU has experienced a 2.38% move higher and its 1m and 6m trend has turned bullish on 8/29 while bouncing higher off its $53 support level.
American Electric’s 1m and 6m trends turned bullish on 8/29 and is starting to break above its $72 resistance level. With a technical score of 7 (out of 10), AEP is a strong bullish stock that will likely continue higher.
As a stop loss, if AEP was to trade below $70 for multiple days, this would invalidate our analysis and suggest getting out of the trade.