AMERICAN EXPRESS CO.: TECHNICAL ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL STOP |
| Entry Point | 232.50 |
| Take Profit | 216.00 |
| Stop Loss | 236.00 |
| Key Levels | 215.00, 216.00, 232.00, 235.00, 236.00, 239.00, 240.00, 250.00, 252.00 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 239.00 |
| Take Profit | 252.00 |
| Stop Loss | 234.00 |
| Key Levels | 215.00, 216.00, 232.00, 235.00, 236.00, 239.00, 240.00, 250.00, 252.00 |
Shares of American Express Co., one of the leading American multinational companies providing payment transaction services, are trading in a corrective trend at 235.00.
On the daily chart, the price is within the next wave inside the channel with dynamic boundaries of 250.00–232.00.
On the four-hour chart, the quotes were unable to consolidate above the yearly high of 240.00 and began to decline toward the channel support line of 232.00. If it consolidates below the April low of 230.00, a downward trend will form, with the target at the low of April 12, 215.00.
Technical indicators are slowing down the buy signal: fast EMA on the Alligator indicator are quickly approaching the signal line, and the AO histogram is forming downward bars in the buy zone.
Trading tips
Short positions may be opened after the price declines and consolidates below 232.50, with the target at 216.00. Stop loss – 236.00. Implementation period: 7 days or more.
Long positions may be opened after the price rises and consolidates above 239.00, with the target at 252.00. Stop loss – 234.00.
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