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AXP trade ideas

$AXP American Express heading to All time HighAmerican Express Company AXP, +1.44% today reported third-quarter net income of $1.8 billion, up 6 percent from $1.7 billion a year ago. Diluted earnings per share was $2.08, up 11 percent from $1.88 per share a year ago. Third-quarter consolidated total revenues net of interest expense were $11.0 billion, up 8 percent from $10.1 billion a year ago. Excluding the impact of foreign exchange rates, adjusted revenues net of interest expense grew 9 percent. The increases reflected higher Card Member spending, net interest income and card fees. Credit indicators remained strong and consolidated provisions for losses were $879 million, up 8 percent from $817 million a year ago. The increase reflected slightly higher net write-offs and delinquencies. Average analysts price target $132.33 | Overweight P/E ratio 14.76
NLong
by Bullishcharts
Gotta Be the End of Punishments!I shorted AXP back in July; Had it for several days and made decent profit (never mind the fact that the trade could yield much more if I had not closed it too soon). In any case, I think the short cycle is about to end and the price is about to start climbing like the old days. After scratching its legs and reaching all-time high in July, the price has moved down day after day. Due to fast sell-offs and recoveries, minor highs and minor lows are apparent in the price movement. This has formed a broadening wedge , descending. The pattern is more likely to be a reversal for the short-term trend. It acts as a consolidation phase for the long-term trend. Noteworthy to mention, volume increases as the pattern matures. AV is about 3.2 million in the beginning of the formation and for now, it has increased to 3.7 million. In the meantime, bullish momentum is entering into the market; both MACD and AO are confirming this. The 61.8 Fibonacci level or $114.00 would be an ideal entry, but I do not think the price would reach this level before moving up (I wish to be wrong on this just to increase my position size). This morning, I opened some long positions because the ~116 support level hold steady and I will possibly scale in if the situation arose... Cheers!
NLong
by UnknownUnicorn2339202