Caution is warranted for bulls, as the rebound in AXP has taken price almost to its first major target. Earnings were a positive surprise, but - as with all financials - we still have to watch if this is real buying or just a counter-trend rally.
Depending on the general market, further recovery in AXP off support at 52.00 USD could take it back to 65.00 and 67.43. Should we see declines in Indices I expect a sideways price behaviour in AXP, but as long as 52.00 USD holds I will be cautiously bullish.
Just an idea... AXP is in the middle of a large channel. And I have no trade at this point. I'll look to short at the top or go long at the bottom. ON the daily chart, could be a flag and we could continue higher OR sideways. I think sideways is most likely
1/21/16 Good analysis Leon B. Nice bearish retest gap, clearing pivots. $59 is a decent support. IF AXP breaks through that, bearish on the day trade and on the swing, let it retest and $53 is the next support.
