AAL Stock Price: American Airlines Group Inc. testing higher near $13.50

American Airlines (NASDAQ: AAL) trades on a firm note near $13.50.
The company’s decision to fly full capacity planes faces rising criticism.

Pablo Piovano FXStreet

Shares of US carrier American Airlines Group Inc. (NASDAQ: AAL) are trading with decent gains in the mid-$13.00s during the pre-market activity on Wednesday.

Inconclusive price action is now prevailing in NASDAQ: AAL as market participants remain warry after the company recently announced it will start booking full flights starting as soon as this month.

This highly controversial decision came at odds with the ongoing rising pandemic in the US, where the coronavirus advance is not giving any signs of subsiding. Furthermore, CDC’s Director Robert Redfield showed himself substantially disappointed after AAL’s announcement, adding that “We don’t think it’s the right message”.

In the meantime, NASDAQ: AAL is set to continue with the erratic performance on Wednesday following Tuesday’s doji-like candle and with weekly gains so far capped in the $13.50 region.

American Airlines Group Inc. is expected to reverse Tuesday’s pullback and open Wednesday’s session near the $13.50 area, trading in opposed direction to the US benchmark indices DowJones, S&P500 and NASDAQ, all of them forecasted to kick in the session on the defensive.

AAL Stock Chart

As of writing, AAL is gaining 3.21% at $13.49 and a breakout of $14.85 (100-day SMA) would aim for $21.53 (200-day SMA) and finally $22.80 (monthly high Jun.5). On the flip side, the next support is located at $12.02 (weekly low Jun.29) seconded by $10.01 (monthly low Mar.23) and then $9.09 (monthly low Apr.23).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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