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Ameren (AEE) Breaks Through Resistance at $34.45

Published on Wed, 03/20/2013 - 12:41
By Robert Cotter

Ameren (NYSE:AEE) has opened bullishly above the pivot of $34.25 today and has reached the first level of resistance at $34.45. Should the shares continue to rise, the resistance pivots of $34.59 and $34.93 will be of interest.

Ameren Corporation is a public utility holding company. The Company, through its subsidiaries, generates electricity, delivers electricity and distributes natural gas to customers in Missouri and Illinois.

In the past 52 weeks, shares of Ameren have traded between a low of $28.43 and a high of $35.30 and are now at $34.51, which is 21% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.6% while the 200-day MA has remained constant.

Based on a current price of $34.51, Ameren is currently 1.8% above its average consensus analyst price target of $33.90. The stock should find initial support at its 50-day moving average (MA) of $32.85 and further support at its 200-day MA of $32.46.

By Robert Cotter