American Express (AXP) reported strong Q4 2019 earnings on 1/24/2020. 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. The stock closed the day up 2.85%. On 1/27/2020, the stock sold off on global travel concerns linked to the coronavirus. Let’s see what the charts tell us.
American Express (AXP) Weekly Chart – annotations by askSlim.com
At askSlim.com 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.com Technical Briefing: 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.
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.com 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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