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

By Nick Russo

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 $118.93 and $119.12 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.

Based on a current price of $118.93, American Express is currently 8.5% above its average consensus analyst price target of $108.85. The stock should find initial support at its 50-day moving average (MA) of $113.10 and further support at its 200-day MA of $106.59.

Over the past year, American Express has traded in a range of $89.05 to $120.23 and is now at $118.93, 34% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.6% while the 200-day MA has risen 0.3%.

SmarTrend is tracking the current trend status for American Express and will alert subscribers who have AXP in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle american express

Ticker(s): AXP