Possible Bearish Inside Day Candle Pattern Detected for American Express (NYSE:AXP)
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. Yesterday's price range of $65.14 and $65.85 is within the prior day'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.
There is potential upside of 24.6% for shares of American Express based on a current price of $65.70 and an average consensus analyst price target of $81.88. The stock should find resistance at its 200-day moving average (MA) of $68.66, as well as support at its 50-day MA of $59.05.
Over the past year, American Express has traded in a range of $50.27 to $81.92 and closed yesterday at $65.70, 31% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.0% while the 200-day MA has slid 0.5%.
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.
SmarTrend recommended that subscribers consider buying shares of American Express on March 1st, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $56.23. Since that recommendation, shares of American Express have risen 17.3%. We continue to monitor AXP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: bearish am inside day candle american express