AXP trade ideas
American Express is breaking out this weekAmerican Express NYSE:AXP is one of the stocks in DJ:DJI that is breaking out
American Express ascending wedge fakeoutAXP has been in an ascending wedge pattern since February. Although ascending wedges see the price climb until their apex, they are a bearish pattern. The price target measured from the point of the breakdown is equal to the left side of the wedge, which I have cloned and placed.
To be fair, the wedge has not yet broken down. In fact, quite the opposite. Today the price climbed above the wedge pattern, but it did so on light volume. Typically, long pattern break outs do not occur on low volume and tend to snap back into the pattern. I took this opportunity to enter a short position at $105 in both stock and $101 strike long put options, betting on the price at least re-entering the pattern and more than likely testing the lower boundary of the ascending wedge pattern as well.
Overall, the wedge seems to have run its course so furthermore it is fairly likely we will see a complete breakdown of the ascending wedge pattern in the coming weeks, in which case I will be adding to my short position on confirmation (i.e. move out of the lower support line on heavy volume) of the breakdown. Wedges are among my favorite and most successful patterns to play as you will see going though my post history.
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As always, the responsibility for managing your position is your own. I am not a financial adviser nor is any content in this post intended to be financial advice. The information presented is my opinion, based on tools I have learned from others sharing their opinions and my experience in the markets. I share these ideas to generate discussion and have others critique my analysis because, as always, I am still learning. With that in mind, the outcome could be quite different than what I am predicting and this is for entertainment purposes only. It should not be considered financial or investment advice of any kind. Readers should consult with a financial or investment professional to determine what may be best for their individual needs.
AXP testing resistance lineI see in the last three weeks have been bullish and we are testing a 104.50, resistance line tested many times dated back to 2014. There is bullish indications of current trading above it's 30 wk MA. MACD is positive, but not very large and MA cross 3 weeks ago. It all indicates that it turning bullish but not a very strong. I would like to see a greater buying volume going past 104.50 resistance line to for it to be a stronger buy indication.
AXP approaching either a Bull or Bear LongMy techinical observations with no holdings in stocks. On the weekly MA (30) was in a bullish positive slope but steadly decreasing. The trading range has establishing a closing pendant with support at 99.34 and resistance at 104.15 for next week. Breaking of either is going to tell whether this is going to be bullish or bearish. The slow MACD currently saying bearish and will indicate bearish when trading range crosses the MA (30) 98.02. MACD is on a bearish path and area below MACD is closing along with crossing zero to go below zero belonging to bearish trading.
$AXP strong daily and weekly chart. Just breaking above resitanc$AXP strong daily and weekly chart. Just breaking above resistance. Payment space is hot. $V $SQ $PYPL $QTWO
AXP - New Highsimple setup
after a nice consolidation at the highs price broke above resistance at 104 and looks god for a small rally
rectangle breakout
stop located below 100 and target at 111
long termwait for a pull back upto 26 day and if it respects , then to buy as if it respects the 26 day it will have a continued uptrend.
5th time must be charm for breakout.Thank you Dodd Frank reform. Calls will 10 and 20x returns when this breaks.
$AXP $AXP is forming a bullish ascending triangle (similar to the $NKE break out pattern I posted last week) after a strong gap up a couple weeks ago closing at ATHs. Look for a solid candle closing above $102 for entry spot or a re-test and old of the $100 level. Target levels are 106, 112, and 126.
AXP - Short IdeaWatch for intraday weakness. Bearish entry below $99.50 Target $92.25 @ 50 MA .Stop = 101.02
AXP could head back to 102 The large gap between 95 to 99 is now filled. AXP will probably goes sideways before heading to 102.
