American Express (AXP) has shot up the rankings in the SIA S&P 100 recently, jumping 45 positions in the last month. After climbing 7 spots on Friday, American Express has returned to the Green Favored Zone for the first time since May, and it is currently in 22nd place.
A major breakout is underway in American Express (AXP) shares. After spending three months building a base for recover in the $130.00 to $160.00 range, accumulation in AXP has accelerated recently. Over the last two weeks, the shares have staged a breakaway gap, which completed a bullish Ascending Triangle, consolidated gains in a higher range, then broke out again with a Bullish Engulfing candlestick. All of this has occurred on a big spike in volumes, confirming renewed investor interest. Upside resistance appears in the $190.00 to $205.00 range, based on multiple measured moves, the February 2022 peak and the $200.00 round number. Initial support appears at the top of the recent gap near $165.00.
American Express spent most of 2022 under distribution but since bottoming out in a bear trap last October, the shares have been under renewed accumulation. Starting with a few months of base building, the sharesā recovery trend has accelerated recently with the current bullish High Pole completing a series of bullish Double Top and Spread Double Top breakouts and snapping a downtrend line.
Upside resistance appears in the $197.20 to $205 20 area where a horizontal count, the February 2022 peak cluster around the $200.00 round number. Initial support appears near $165.00 based on a 3-box reversal.
With a bullish SMAX score of 9, AXP is exhibiting strength against the asset classes.
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