AXP trade ideas
Trade Plan Assuming a Bullish BreakoutI see a symmetrical triangle forming. If we breakout bullish, I see targets at 95.60, 97.58 and 99.56.
American Express - Bearish SignalWohoo! Nice Shooting Star there. Created on high volume, in a new price high. Divergence on the 24 RSI...a lot of good signals to short. I am aiming for 86.70 at least.
AXP - Up or down??American Express has entered a consolidation period after a double top, with a big bearish divergence on the MACD. A month ago, price closed below the 50ma which acted as strong support in the past, and couldn't get back over it and stay there. If we will see a strong breakout out of the rectangle, then that could indicate the next direction. My guess is that we will see a downtrend, but right now, except the bearish divergence we have no evidence of that, Time will tell.
