AXP is approaching its support at 100.78 (100% Fibonacci extension, 61.8% & 50% Fibonacci retracement, horizontal swing low support) where it could potentially rise up to its resistance at 105.12 (38.2% Fiboncci retracement, horizontal pullback resistance).
Stochastic (55, 5, 3) is approaching support where a corresponding bounce could occur.
Short based of channels and fibs
My Entry: 108.61 (any entry over 108.00 is okay)
Stop Loss: 113.00
PT: 70.00 area
Not a high probability trade, which is why the r/r is so good. Trade should take about a full year, looking for about 50%. If I am wrong I should know relatively quickly.
Potential Gap Fill/Swing Play + Fintech ER Buzz $SQ
This can be a slow grinder; if playing, I suggest making sure you are a couple Months out; If chart does break Down Trend and Support Lines mentioned there is possibility with Fintech buzz to swing
AXP has been in an ascending wedge pattern since February. Although ascending wedges see the price climb until their apex, they are a bearish pattern. The price target measured from the point of the breakdown is equal to the left side of the wedge, which I have cloned and placed.
To be fair, the wedge has not yet broken down. In fact, quite the opposite. Today ...
I see in the last three weeks have been bullish and we are testing a 104.50, resistance line tested many times dated back to 2014. There is bullish indications of current trading above it's 30 wk MA. MACD is positive, but not very large and MA cross 3 weeks ago. It all indicates that it turning bullish but not a very strong. I would like to see a greater buying ...
My techinical observations with no holdings in stocks. On the weekly MA (30) was in a bullish positive slope but steadly decreasing. The trading range has establishing a closing pendant with support at 99.34 and resistance at 104.15 for next week. Breaking of either is going to tell whether this is going to be bullish or bearish. The slow MACD currently saying ...