American Express Co.: technical analysis
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY STOP |
| Entry Point | 276.00 |
| Take Profit | 296.00 |
| Stop Loss | 270.00 |
| Key Levels | 243.00, 263.00, 270.00, 272.00, 280.00, 300.00 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 263.00 |
| Take Profit | 243.00 |
| Stop Loss | 270.00 |
| Key Levels | 243.00, 263.00, 270.00, 272.00, 280.00, 300.00 |
Shares of American Express Co., one of the leading American transnational companies providing payment services, are trading at 270.00.
On the daily chart, the price is correcting within the next wave inside the channel with dynamic boundaries of 280.00–243.00.
On the four-hour chart, the quotes have consolidated above the year’s high of 272.00 and are heading toward the tested resistance line of the channel at 280.00. After consolidation above, the price may reach the level of 300.00.
Technical indicators maintain a stable buy signal: fast EMAs on the Alligator indicator are moving away from the signal line, and the AO histogram is forming ascending bars in the buy zone.
Trading tips
Long positions may be opened after the price rises and consolidates above 276.00, with the target at 296.00. Stop loss is 270.00. Implementation period: 7 days or more.
Short positions may be opened after the price falls and consolidates below 263.00, with the target at 243.00. Stop loss is 270.00.
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