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Bullish Flag Setup in Apparel Retailer Near Highs

by | Feb 6, 2024

American Eagle (AEO) shares of the retailer are coiling tight since the start of the year and on Tuesday closed strong at highs with a bull candle and seeing a bullish MACD cross pointing to a upside breakout imminent for the stock on a rally above the 21 level which is monthly value high. The recent consolidation formed perfectly into the rising 55-day MA and now a move above 21 can see a first target of 22.50 likely. AEO recently upped its guidance last month showing strength in the specialty retail segment that continues to confound the shorts. Short interest remains elevated at 11.2% and should be fuel for buying.

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