SubscribeUpdate: American Oil & Gas Inc. (AEZ)
American Oil & Gas Inc. (AMEX:AEZ)
This post is for those of you with a position in AEZ who may be a little worried about the recent decline in price.
At the current price of $6.81 you should be up approximately 32.49%. Although the stock traded as high as $8.00 per share, there is no reason to believe that this pullback is anything to worry about. In the one-year weekly chart below you will notice a few things:
• Recent setback testing major support (horizontal line) near $6.40
• Uptrend remains in tact
• DMI and MACD indicators still say to BUY
The Long Black Candle and Doji pattern formed, representing the most recent two weeks in an indication that there is great indecision in regards to the current downward trend. If in fact the diminishing selling pressure is justified by a bullish confirmation next week (solid bounce off support), then you should hold tight to those shares. At that point AEZ will enter into a new buying phase that will push the stock to new heights.
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