Nope, probably not.
The weekly chart on the left shows a nasty topping pattern, a weird H&S. However, the bearish picture is not sustainable, as the indicators are very oversold, while we are still in an uptrend. Climatic action on the Force Index, climactic volume for the previous week on the volume bar. Price also stands at an important support area, and the...
A classic false break setup.
The fundamental information supports a bullish bias from here.
We have the w1 chart bullish also:
Fundamental review:
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"We rate AMERICAN EXPRESS CO (AXP) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The...
as you can see we are near support area and we have long time divergence which may cause increase the volume in the market and increase the price I think we could enter to low risk long position. it's better to break at least a last swing in lower time frame.
With the S&P trending up and at weekly demand and AXP basically
mirroring it, having pulled back to an objective level of weekly
demand from the pivot low in mid oct 2014 where price
rocketed off. I am hoping that there will be some unfilled
buy orders or a large enough supply/demand imbalance to push price
higher. My entry on this trade will be a tick above...
Following up with the sell-off up til 15 Oct, when AXP make a price lower low, i had posted a bullish divergence on RSI & MACD. My long was triggered at 79 but price dropped to 78.35 before rebounding to 90 at the channel top! Took my profit @ 90.44.
Given that it was a DOJI close on channel top, chances are the price movement has exhausted somehow, though not...
The current downtrend channel for AXP has crystallized.
The two swing high point in Mar & May had already set the tone for downtrend channel.
Amazing, thats why i love Channel
Though RSI & MACD are still in the process of pointing down,
my mind tricked me to see bullish divergence.
So upon exited my short position, i re-enter long. 1st projected target @86
The bearish chart pattern in AXP could spell trouble for the overall SPY. AXP looks like it wants to sell-off to August 2013 levels. The DAX, and other world markets looks like they are returning to August 2013 levels also. That would imply a move to 170 on the SPY.
AMEX has been on a short term pull back since touching the temporary low of 85.75. After spending two days hovering around and trying to break through 89.75, it was rejected twice.
This 38.2% is one of the potential pull back and reversal level.
Wohoo! Nice Shooting Star there. Created on high volume, in a new price high. Divergence on the 24 RSI...a lot of good signals to short. I am aiming for 86.70 at least.
