Stock of the day: American Express

By Tomasz Wisniewski|

Published: January 27 2023, 11:01 GMT+0

Stock of the day: American Express

In today’s stock of the day, we will show you the situation on American Express, which will publish its earnings data before the market opens. Expectations are at 2.23 EPS and 14.22B in revenue. Keep in mind that American Express was beating the EPS estimates in the past eight quarters, so we may easily add a 9th one.

Before the earnings report, American Express is having a really nice bullish setup on the chart right now. We can see a handsome inverse head and shoulders pattern (yellow), with a green neckline. American Express is currently trading on the neckline so we cannot claim a breakout or a bounce. For that, we need to see the data first and then the reaction of the market participants.

Price bouncing off the neckline and creating an ugly bearish candle would be a proper signal to go short. On the other hand, the price breaking the neckline and further the orange horizontal resistance on the 158 USD would be a proper signal to buy. The chances for the second option are slightly higher at the moment.

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-american-express

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