AXP | SHORT
AXP Technical Analysis of American Express (AXP)
Key Observations:
Current Price Action:
Price: $232.28
Recent Drop: -16.40 (-6.59%)
Support and Resistance Levels:
Immediate Support: $227.69 (Target Price 1)
Further Supports: $219.31 (Target Price 2), $200.36 (Target Price 3), and $186.49 (Target Price 4)
Resistance: The price broke below a previous support level at around $244.51.
Trendlines:
The upward trendline has been broken, indicating a potential shift from a bullish to a bearish trend.
Relative Strength Index (RSI):
Current RSI: 51.36
The RSI shows a recent decline, approaching a neutral level, indicating that the stock is neither overbought nor oversold.
Target Prices:
Target Price 1: $227.69
This level is the immediate support and a potential first target for any continued downward movement.
Target Price 2: $219.31
If the price breaks below the immediate support, the next target is around $219.31, a previous support level.
Target Price 3: $200.36
Further downside could see the price reaching $200.36, a significant psychological and technical support level.
Target Price 4: $186.49
In a more bearish scenario, the price could fall to $186.49, another key support level.
Summary:
American Express (AXP) has experienced a significant drop, breaking below a key support level and its upward trendline. The next levels to watch are $227.69, $219.31, $200.36, and $186.49. The RSI is neutral, suggesting the potential for further declines if market conditions remain negative.
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