Is a Breakdown in the Charts for Aaron's Company? A key support has formed in the chart of Aarons Company Inc. (AAN). If this level is surpassed, a breakdown is expected.
This story originally appeared on StockNews
A key support has formed in the chart of Aarons Company Inc. (AAN). If this level is surpassed, a breakdown is expected.
Aarons Company Inc. (AAN) provides lease-to-own and purchase solutions. The company engages in direct-to-consumer sales and lease ownership of furniture, home appliances, electronics, and accessories through its approximately 1,300 Company-operated and franchised stores in the United States and Canada, as well as its e-commerce platform. It also manufactures and supplies bedding and upholstered furniture.
Take a look at the 1-year chart of Aarons (NYSE: AAN) below with the added notations:
Chart of AAN provided by TradingView
AAN has formed an important level to watch at the $27 (green) mark, as that level has provided both support and resistance over the past six months. The stock has fallen back down to the level again, and a break below it could open the door to much lower prices.
A trader could enter a short trade if AAN breaks below $27.
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AAN shares were unchanged in premarket trading Tuesday. Year-to-date, AAN has gained 43.23%, versus a 19.03% rise in the benchmark S&P 500 index during the same period.
About the Author: Christian Tharp
I am an expert stock market coach having helped over 4000 beginner and advanced traders & investors from around the world take control of their financial futures. I also write stock market related articles for the Adam Mesh Trading Group and Yolo Publishing.
