AXP climbs to highest close ever
American Express Company (AXP) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, AXP finished the week 3.07% higher at 135.87 after gaining $1.41 (1.05%) today, significantly outperforming the Dow Indu. (-0.09%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 135.87 marks the highest recorded closing price ever.
Daily Candlestick Chart (AXP as at Feb 14, 2020):
Friday's trading range has been $1.84 (1.37%), that's slightly below the last trading month's daily average range of $1.93. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for AXP.
One bullish candlestick pattern matches today's price action, the White Candle.
Crossing above the upper Bollinger Band for the first time since January 24th, prices have shown unusually strong upward momentum in the short-term. This might either indicate a potential buying climax after which prices could head back down towards the mean of the Bollinger Bands at 132.39 or signal the beginning of a strong momentum breakout leading to even higher prices. The last time prices broke out above the upper Bollinger Band on January 24th, AXP actually lost -3.31% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 138.13, upside momentum might accelerate should the market be able to break out to new highs for the year.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "5 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for American Express. Out of 41 times, AXP closed higher 58.54% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 63.41% with an average market move of 0.80%.