American Equity Investments is currently consolidating in a long term pennant formation after a year long 100%+ run up. Looking into the intermediate daily price action, some interesting moves have been taking place which may lead to a breakout/next leg up. While it's still early, the recent inverse head and shoulders neckline break above the 50 day ema marked an end to the downtrend that has been taking place since mid March, on a relative momentum basis as well. While outstanding volume was not present on the bull candle seen today, the MACD crossed the 0 line and remains in bullish territory, as does RSI. While I won't be fully on board until the January downward resistance line is captured, today proved promising.