AXP breaks below prior session low
American Express Company (AXP) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
AXP finished the week 0.78% higher at 101.58 after losing $1.41 (-1.37%) today. Closing below Thursday's low at 102.28, the share confirms its breakout through the prior session's low having traded $1.11 below it intraday.
Daily Candlestick Chart (AXP as at Aug 10, 2018):
Friday's trading range was $1.03 (1.01%), that's below last trading month's daily average range of $1.36. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.
Prices are trading close to a key support level at 101.10. Prices are trading close to the key resistance level at 102.39. After trading as low as 101.17 during the day, AMEX found support at the 20-day moving average at 101.38.
Although the stock is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive.
With prices trading close to this year's high at 104.24, upside momentum might accelerate should American Express be able to break out to new highs for the year.