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

By Nick Russo

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. Today's price range of $63.63 and $64.16 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. 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 has overhead space with shares priced $63.77, or 22.1% below the average consensus analyst price target of $81.88. The stock should find resistance at its 200-day moving average (MA) of $68.07, as well as support at its 50-day MA of $61.12.

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.

In the past 52 weeks, American Express share prices have been bracketed by a low of $50.27 and a high of $81.92 and are now at $63.77, 27% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.3% while the 200-day MA has slid 0.4%.

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 inside day candle american express

Ticker(s): AXP