American Express Stock (AXP) Declines On Travel Concerns, But Cycles Point Higher

Steve Miller

American Express stock (ticker AXP) sold off on Monday due to global travel concerns linked to the coronavirus.

On Friday, American Express reported strong Q4 2019 earnings. The company reported EPS of $2.03, which beat consensus of $2.01.

Revenues came in at $11.365B, which also beat consensus of $11.36B.

Let’s see what the stock chart tell us.

American Express (AXP) Weekly Chart

american express stock price chart cycles analysis bullish forecast january year 2020

At we use technical analysis to evaluate price charts of stocks, futures, and ETF’s. We use a combination of cycle, trend and momentum chart studies, on multiple timeframes, to present a “sum of the evidence” directional outlook in time and price.

askSlim Technical Briefing: 

American Express stock (AXP) has a bullish intermediate-term cycle configuration and positive weekly momentum. These conditions will likely to limit any downside in the stock to the intermediate-term Fibonacci supports between 127.79 – 121.40.

american express axp stock price indicators outlook bullish

On the upside, there is an intermediate-term Fibonacci projection/target zone from 137.98 – 142.03. On the downside, there are intermediate-term Fibonacci support zones from 127.79 – 121.40. Our analysis suggests that for the bears to regain control of the intermediate-term, we would likely need to see a weekly close below 121.40.

askSlim Sum of the Evidence: AXP has a positive weekly cycle configuration that suggests that declines will be limited to the intermediate-term Fibonacci supports beginning at 127.79. The next projected intermediate-term low is due in March. Once the next intermediate-term low forms, there is a likelihood of the stock reaching 138 by June. 

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