The AEO stock (American Eagle Stock) continues to show bullish momentum in the uptrend above the key moving averages. The share price has not shown any signs of weakness in the trend. In order to continue to move, the price must take a pending pullback, which might come after Q2 results. On the daily charts, AEO stock is in the bullish zone and has maintained the uptrend above the 20 and 50-day EMAs.
AEO stock price was at $17.36 with an intraday increase of 2.36%. Moreover, the intraday trading volume of AEO is 4.921 Million more than the 10-day aggregate volume of 3.872 Million.
AEO stock has been rising since the Q1 results on May 24th, 2023 which were positive and has shown enough buyer accumulation in the previous sessions. The stock encountered a barrier near $15 in the supply range and had a breakout of this level. The retracement is pending up to the same $15 level if it still wants to ascend higher.
Based on AEO stock’s recent data, the previous revenue of Q1, 2023 was $1.081 Billion with a net income of 18.45 Million. Moreover, the AEO stock estimated EPS for Q1’ 23 was 0.16, and the reported EPS was 0.17 which earlier gave a positive surprise of 3.71%.
All eyes are on the AEO Q2 report which is about to come on September 6th, 2023 the forecasted estimate of earnings (EPS) is 0.157 and the forecasted estimate of revenue is 1.195 Billion.
According to the price action, it seems that the AEO stock is near key resistance around $18 and results are awaiting, which might decide if AEO price is ready for a more significant increase or deprived from levels, in the upcoming sessions. Buyers are actively trying to keep these levels, showing their dedication to the stock’s upward direction, now the deciding factor can be the $18 level and the Q2 report.
Blackrock Inc. is the top shareholder of AEO stock and owns 15.05% of the company, with a current value of $516.0 Million and a total AEO share count of 29,721,106. As reported on, Simply Wall St.
Technical Analysis of AEO Stock Price in 1-D Timeframe
As per the CMP $17.36 (at press time), the price took major support on May 24th, 2023, ascended swiftly and effortlessly from around $9.5, and made a streak of break of structures by forming higher highs and lows. The Fibonacci was of great help as the price spent a decent amount of time and stepped up from 78.60% and 23.60% levels and CMP is trading at a high of $17.36.
Moreover, the current stock price of AEO stock might not achieve more as key resistance and Q2 results are near, there is a possibility for the price to move downward to the next support level of $15 and an annual high of $14.
On the other hand, if the price breaks above the $18 significant key resistance level, it might ascend toward $20 and beyond.
At the time of publishing, American Eagle Outfitters, Inc.(NYSE: AEO) is trading above the 20, and 50 EMA. RSI is around 80 which turned extremely overbought, and MACD shows a bullish cross with the slimmest histogram gap.
Summary
The AEO stock price has risen above $15 and potentially broken the annual high resistance of $17. Technical parameters for AEO also support the increase in bullish momentum. American Eagle Outfitters, Inc. (NYSE: AEO) stock prices are bullish on the 1-D time frame as indicators turned bullish. However, the concern is the upcoming Q2 report. If it’s positive then a profit booking might come and if the report is declared negative, the price might open a gap.
Technical Levels
Support levels: The nearest support levels for AEO price are $15 and $14.
Resistance levels: The nearest resistance levels for the AEO stock price are $18 and $20.
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Source
https://ailtra.ai/aeo-stock-forecast-q2-report-is-near-can-nyse-aeo-decline/?feed_id=4880&_unique_id=64f3925397f68
