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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. Yesterday's price range of $93.11 and $94.31 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.

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.

Potential upside of 19.3% exists for American Express, based on a current level of $91.25 and analysts' average consensus price target of $108.85. The stock should find initial resistance at its 50-day moving average (MA) of $93.75 and further resistance at its 200-day MA of $115.55.

In the past 52 weeks, shares of American Express have traded between a low of $67.00 and a high of $138.13 and closed yesterday at $91.25, which is 36% above that low price. The 200-day and 50-day moving averages have moved 0.65% lower and 3.74% lower over the past week, respectively.

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 am inside day candle american express

Ticker(s): AXP