AEC1 trade ideas
AXP Approaching Support, Potential Bounce!AXP is approaching support at 100.18 (100% Fibonacci extension, 76.4% & 23.6% Fibonacci retracement, horizontal swing low support) where it could potentially rise to its resistance at 104.78 (38.2% Fibonacci retracement, horizontal pullback resistance).
Stochastic (55, 5, 3) is approaching support at 8.06% where a corresponding bounce could occur.
AXP Approaching Support, Potential Bounce!AXP is approaching its support at 103.04 (100% Fibonacci extension, 76.4% Fiboancci retracement, horizontal swing low support, channel support) where it could potentially bounce up to its resistance at 108.89 (50% Fibonacci retracement, horizontal swing high resistance).
Stochastic (55, 5, 3) is approaching its support at 8% where a corresponding bounce could occur.
AXP Approaching Support, Potential Bounce!AXP is approaching its support at 100.78 (100% Fibonacci extension, 61.8% & 50% Fibonacci retracement, horizontal swing low support) where it could potentially rise up to its resistance at 105.12 (38.2% Fiboncci retracement, horizontal pullback resistance).
Stochastic (55, 5, 3) is approaching support where a corresponding bounce could occur.
AXP ShortShort based of channels and fibs
My Entry: 108.61 (any entry over 108.00 is okay)
Stop Loss: 113.00
PT: 70.00 area
Risk/Reward: ~1:8
Not a high probability trade, which is why the r/r is so good. Trade should take about a full year, looking for about 50%. If I am wrong I should know relatively quickly.
Downtrend Test & $105.28/38 Resistance/FibonacciPotential Gap Fill/Swing Play + Fintech ER Buzz $SQ
#tekmunnee notes:
This can be a slow grinder; if playing, I suggest making sure you are a couple Months out; If chart does break Down Trend and Support Lines mentioned there is possibility with Fintech buzz to swing
American Express ascending wedge fakeoutAXP has been in an ascending wedge pattern since February. Although ascending wedges see the price climb until their apex, they are a bearish pattern. The price target measured from the point of the breakdown is equal to the left side of the wedge, which I have cloned and placed.
To be fair, the wedge has not yet broken down. In fact, quite the opposite. Today the price climbed above the wedge pattern, but it did so on light volume. Typically, long pattern break outs do not occur on low volume and tend to snap back into the pattern. I took this opportunity to enter a short position at $105 in both stock and $101 strike long put options, betting on the price at least re-entering the pattern and more than likely testing the lower boundary of the ascending wedge pattern as well.
Overall, the wedge seems to have run its course so furthermore it is fairly likely we will see a complete breakdown of the ascending wedge pattern in the coming weeks, in which case I will be adding to my short position on confirmation (i.e. move out of the lower support line on heavy volume) of the breakdown. Wedges are among my favorite and most successful patterns to play as you will see going though my post history.
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As always, the responsibility for managing your position is your own. I am not a financial adviser nor is any content in this post intended to be financial advice. The information presented is my opinion, based on tools I have learned from others sharing their opinions and my experience in the markets. I share these ideas to generate discussion and have others critique my analysis because, as always, I am still learning. With that in mind, the outcome could be quite different than what I am predicting and this is for entertainment purposes only. It should not be considered financial or investment advice of any kind. Readers should consult with a financial or investment professional to determine what may be best for their individual needs.
AXP testing resistance lineI see in the last three weeks have been bullish and we are testing a 104.50, resistance line tested many times dated back to 2014. There is bullish indications of current trading above it's 30 wk MA. MACD is positive, but not very large and MA cross 3 weeks ago. It all indicates that it turning bullish but not a very strong. I would like to see a greater buying volume going past 104.50 resistance line to for it to be a stronger buy indication.
AXP approaching either a Bull or Bear LongMy techinical observations with no holdings in stocks. On the weekly MA (30) was in a bullish positive slope but steadly decreasing. The trading range has establishing a closing pendant with support at 99.34 and resistance at 104.15 for next week. Breaking of either is going to tell whether this is going to be bullish or bearish. The slow MACD currently saying bearish and will indicate bearish when trading range crosses the MA (30) 98.02. MACD is on a bearish path and area below MACD is closing along with crossing zero to go below zero belonging to bearish trading.
