AXP closes higher for the 3rd day in a row
American Express Company (AXP) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, AXP ended Thursday at 93.29 gaining $3.12 (3.46%) on low volume, notably underperforming the Dow Indu. (6.38%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (AXP as at Mar 26, 2020):
Thursday's trading range has been $8.85 (9.59%), that's slightly above the last trading month's daily average range of $8.29. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for AXP.
Two candlestick patterns are matching today's price action, the Bullish Spinning Top which is known as bullish pattern and one bearish pattern, the Shooting Star. The last time a Bullish Spinning Top showed up on February 28th, AXP gained 3.58% on the following trading day.
Prices are trading close to the key technical resistance level at 100.08 (R1).
Although the stock is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Spinning Top" stand out. Its common bullish interpretation has been confirmed for American Express. Out of 223 times, AXP closed higher 50.22% 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 62.78% with an average market move of 0.32%.