Pattern Building in American Express (AXP)
09/29/2009 12:01 am EST
American Express (AXP) has been on a roll since mid-July, however, in the past week, it looks like the rally has lost steam and is headed south.It may even be building the right shoulder of a head and shoulders pattern.
Furthermore, if AXP continues to the $32 level, resistance is waiting at its 50-day moving average. Watch for a break of that level or a bounce. Either way, it looks like a nice long or short swing trade in the days to come.
By Tim Bourquin, Trading Content Director, MoneyShow.com