American International Rises 2.24% on Heavy Volume: Watch For Pullback

American International (NYSE:AIG) traded in a range yesterday that spanned from a low of $38.30 to a high of $39.71. Yesterday, the shares gained 2.24%, which took the trading range above the 3-day high of $38.50 on volume of 7.4 million shares.

Shares of American International are currently trading above their 50-day moving average (MA) of $38.21 and above their 200-day MA of $34.87. Look for these MAs to provide support for a short-term pullback in the shares.

SmarTrend is bullish on shares of American International and our subscribers were alerted to Buy on June 16, 2010 at $37.86. The stock has risen 2.4% since the alert was issued.

SmarTrend has the shares in an Uptrend and expects the share price to pullback toward the $38.50 support level. Afterwards, we expect it to move upward with its peers in the SmarTrend Multi-Line Insurance industry.