AXP snaps to lowest close since June 5th


American Express Co (AXP) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
AXP closes below its opening price unable to hold early session gains
AXP closes lower for the 3rd day in a row
AXP ends the day on a bearish note closing near the low of the day
AXP breaks below previous session low
AXP falls to lowest close since June 5th
TQ Sentiment
Technical Forecast:
Overview

Moving lower for the 3rd day in a row, AXP finished Thursday at 99.76 losing $0.26 (-0.26%). Today's closing price of 99.76 marks the lowest close since June 5th. Trading $0.58 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Wednesday's low at 99.96, AMEX confirms its breakout through the previous session's low having traded $0.45 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for AXP
Volatility

Thursday's trading range was $1.59 (1.58%), that's above last trading month's daily average range of $1.35. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.

Price Action

In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bearish Outside Bar.

Support/Resistance

Prices are trading close to the key resistance level at 100.51.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

As prices are trading close to June's low at 98.22, downside momentum could speed up should the share mark new lows for the month.

Conclusion

Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a bearish sentiment for the next trading day.

Market Conditions for American Express Co
ConditionForecastDirectionWinAvgWorstBest
White Candle TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Low close to previous low TQ Pro Members Only
Bullish Intraday Reversal TQ Pro Members Only
5 Consecutive Lower Closes TQ Pro Members Only
More market conditions identified for TQ Pro members...
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