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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in American Express (NYSE:AXP) based on the price action in the company's shares. Yesterday's price range of $119.86 and $120.44 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. Traders and investors interested in shares of American Express may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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 $120.00, American Express is currently 9.3% above its average consensus analyst price target of $108.85. American Express shares have support at the 50-day moving average (MA) of $117.95 and additional support at the 200-day MA of $117.53.

Over the past year, American Express has traded in a range of $89.05 to $129.34 and closed yesterday at $120.00, 35% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has remained constant.

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: bullish am inside day candle american express

Ticker(s): AXP