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Technical Take: American Eagle Falls 13%

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American Eagle Outfitters (NYSE: AEO) shares are trading lower by $2.46 (13 percent) at $16.45 in Wednesday's session.

Investors are abandoning the issue after its inline Q3 report as the company substantially lowered its Q4 guidance and disocuargin comp sales.

After a lower open, it managed an $0.11 bounce to $16.98 before continuing its move lower. The ensuing decline has taken the issue to $16.05 and it's attempting to distance itself from that low. The current low comes in just above its November 9 low of $15.81.

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