AXP missed on earnings and revenue Thu 18th, but only dropped 0.28%. However, their 'miss' was doubling profit from $2.75B to $6.92B. Because it is regarded as banking, the stock trades at a PE of 13.5 compared to 30 for Mastercard and Visa.
It was up 1.95% pre-earning on double normal volume. Tefchnicals show a cup and handle and a golden cross...
AXP is approaching its resistance at 110.57 (100% Fiboancci extension, 50% Fibonacci retracement, horizontal overlap resistance) where we expect to see a reversal.
Stochastic is approaching resistance as well and a bearish divergence with price has been identified that contributes to our bearish bias.
Weekly and daily negative divergence
2009 bull market trend has been broken daily and weekly
negative momentum daily and weekly
my best idea wait for retest for support on the daily and the trend line and the shot it cos its too oversold and peak reach in the down momentum side
enjoy
AXP is approaching support at 100.18 (100% Fibonacci extension, 76.4% & 23.6% Fibonacci retracement, horizontal swing low support) where it could potentially rise to its resistance at 104.78 (38.2% Fibonacci retracement, horizontal pullback resistance).
Stochastic (55, 5, 3) is approaching support at 8.06% where a corresponding bounce could occur.
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NYSE:AXP
