American Express May Be Sneaking Higher

31 мая

American Express broke out to record highs in January. Now after six weeks of tight price action, some traders may expect further upside.

The first pattern on today’s chart is the jump on April 19 after earnings beat estimates. AXP cleared the late-March closing high around $229 and proceeded to retest and hold that same level on May 3.

So, the current month’s low is near a previous month’s high. Has old resistance become new support?

Next you have a higher low above $234 this week.

Third, the 8-day exponential moving average (EMA) has remained above the 21-day EMA. That may reflect a bullish short-term trend.

Finally, stochastics are near an oversold condition.

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