American Express (AXP) ConsolidationI am not licensed or certified by any individual or institution to give financial or investment advice.
I think American Express could be in a possible roll/consolidation. I have my horizontal Resistance and Support drawn with the orange lines. Key takeaways are the S&P 500, Nasdaq, Dow (to which AXP belongs), and Russell 2000 are all at Uptrend Resistance; and AXP itself is at what I see as its own Resistance as well as forming a Double Top/M. These technical indicators lead me to believe AXP is ready to begin going down. If you are an options trader you may want to decide if it's worth getting into some bearish positions. If you deal strictly with shares this may be a good time to consolidate your cash and prepare it for buying a dip near Support, either to set up for a short term rolling trade strategy or to buy for mid to long term investing purposes.
Rolling patterns may present good opportunities for double dipping if you are an options trader. Puts going down and Calls going up. That's up to you. I don't currently own any positions in AXP.
Let me know what you think, or if you have any questions.
