Pattern Building in American Express (AXP)

09/29/2009 12:01 am EST

Focus: STOCKS

Tim Bourquin

Co-Founder, The Traders Expo and The Futures & Forex Expo

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.


Click to Enlarge

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

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