- AXP stock shows massive bullishness this week riding the gains.
- Bulls are showing their aggressive muscles steering the uptrend.
American Express stock ( NYSE: AXP ) price has snappily lifted the gains from the last three consecutive sessions gaining by more than 10%. AXP was showing a trend reversal, breaking the trendline of the falling wedge pattern. Bulls dominated the battle, and mighty bears were now exhausted.
The price action shows a price rally in the charts displaying three-white soldiers pattern with a huge volume spike, which shows buyers accumulated the stock. Moreover, a short covering move was noted on the charts. The stock fled above the immediate resistance mark of $160 and traded above the significant moving averages.
At the press time, AXP stock price was traded at $168.50 with a surge of 3.54%, showing immense buying in the stock. Moreover, the trading volume in the intraday session was noted at 4.821 Million, more than the average volume showing an overflow. The stock is now traded in uncharted territory, where buyers are leading eyes toward the next mark of $170 to fill the remaining gap.
Will AXP stock retest highs near $180?
On the daily charts, American Express stock is flying above the bars and unwilling to pause, as buyers are showing interest in the stock and continue to stretch out. After the neckline breakout of $160, intense buying in the stock from the past sessions directed to a sharp rally. The mighty bears are protecting their positions and indicating a lack of strength.
In the last trading session, AXP stock price was noted with a gap-up opening, the candle was open above the upper Bollinger band, and buyers did not test the EMA and sharply rose towards the sky. Moreover, the bullish marubozu candle shows the strength of bulls led by the intraday surge of more than 3% in the AXP stock.
Short Term Charts Shows Major Breakout
On the 4-hour charts, AXP stock is pivoting gains exceeding the vision of sellers, and buyers showed their big muscles, lengthening the uptrend.
The RSI rose above the overbought zone above 80 and is unwilling to break now. As positive crossover and divergence were noted earlier, buyers have taken the command to replicate the gains.
The MACD indicator also walks similarly to the leading indicators suggesting the bull move. The inclined green bars with a bullish crossover continued to be shown on the histogram, indicating a follow-up buying was noted on the charts.
Conclusion:
AXP stock price is trading above the significant moving averages and directed towards the 52 week high mark.
Technical Levels-
Resistance level- $172 and $180
Support level- $160
Disclaimer-
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.