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

By David Diaz

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 $99.11 and $99.69 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.

Over the past year, American Express has traded in a range of $57.15 to $102.39 and is now at $99.18, 74% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 1.3%.

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 $99.18, American Express is currently 15.0% above its average consensus analyst 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.

SmarTrend recommended that subscribers consider buying shares of American Express on November 29th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $96.46. Since that recommendation, shares of American Express have risen 3.7%. We continue to monitor AXP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle american express

Ticker(s): AXP