For today's chart we've chosen to take a look at American Electric Power Co. (NYSE:AEP) because it has recently moved beyond the resistance of an ascending triangle pattern. As you can see from the chart below, this bullish continuation pattern has been forming since early August and the move above the $48.75 mark is now suggesting that we could see a move higher. Ideally, we would have liked to see a surge in volume, which was not the case, because it would be used to confirm that other traders share the same outlook. Given the lack of confirming indicators it will take a couple more days to determine the short-term direction.
Tickers in this Article: AEP