Stock of the day: American Express

By Tomasz Wisniewski|

Published: October 04 2022, 14:20 GMT+0

Stock of the day: American Express

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The global markets started a new month with fresh, long-term lows, but Monday eventually brought us a rapid bullish reversal. The reversal continued into today, at least for the early stages of the European session.

In today’s analysis: American Express. It’s the first time that we are analysing this instrument on our portal. We’ll focus on the long-term situation and analyse American Express’s weekly chart, because that’s where the magic is happening right now.

As you can see, AXP is currently bouncing off a crucial support – 50% retracement of the post-Covid up trend. It is also the pre-Covid high, how about that?

Currently, the weekly candle is bullish and shows a nice reversal but remember, we still have four trading days ahead so many things could change! If buyers are able to hold the price high by the end of the week, a buy signal will emerge. On the other hand, the price closing a week below the blue area would be a strong signal but chances for that are now rather limited.

If this doesn’t convince you and you need some additional confirmation, the price closing a day above the upper line of the wedge (black) and the 38,2% should sort out the situation – that would be a proper, long-term buy signal.

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