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Possible Bearish Inside Day Candle Pattern Detected for American Express (NYSE:AXP)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in American Express (NYSE:AXP) based on the price action in the company's shares. Today's price range of $93.37 and $94.22 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of American Express may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

American Express Company is a global payment and travel company. The Company's principal products and services are charge and credit payment card products and travel-related services offered to consumers and businesses around the world.

American Express (NYSE:AXP) defies analysts with a current price ($93.75) 10.1% above its average consensus price target of $84.29. The stock should find initial support at its 200-day moving average (MA) of $68.07 and further support at its 50-day MA of $61.12.

Over the past year, American Express has traded in a range of $57.15 to $102.39 and is now at $93.75, 64% above that low. The 200-day and 50-day moving averages have moved 0.42% lower and 1.28% higher over the past week, respectively.

SmarTrend is monitoring the recent change of momentum in American Express. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of American Express in search of a potential trend change.

Keywords: bearish inside day candle american express

Ticker(s): AXP