AXP snaps to lowest close since June 5th
American Express Co (AXP) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (AXP as at Jun 14, 2018):
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.
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.
Prices are trading close to the key resistance level at 100.51.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
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.