Powerful Technical Combination Signals AXP Is a ‘Buy’

American Express executes high-volume breakaway gap from quadruple-top; MACD flashes buy signal

   
Powerful Technical Combination Signals AXP Is a ‘Buy’

American Express (AXP) — This investment-grade global credit card and travel-related services company broke from a five-month consolidation on heavy volume Thursday.

Following the close Wednesday, the company reported third-quarter earnings of $1.25 per share, surpassing consensus estimates of $1.22, and up 15% from $1.09 in 2012. S&P’s 12-month target for the stock is $96.

Technically, AXP executed a high-volume breakaway gap from a quadruple-top, and MACD flashed a buy signal. This combination should result in a trading target of $86. And it is likely that long-term investors will see the stock hit S&P’s 12-month target of $96.

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Article printed from InvestorPlace Media, http://investorplace.com/2013/10/trade-day-american-express-axp/.

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