Don't Ignore This Chart

American Express Beats Earnings, Raises Guidance And Challenges Resistance

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Wednesday, after the closing bell, American Express (AXP) posted quarterly results that blew away consensus estimates for EPS and also managed to top revenue estimates.  Furthermore, AXP raised its guidance on a forward-looking basis and shareholders are being rewarded today with a gap higher on massive volume.  AXP is up nearly 9% at last check and could be looking at higher prices if it can clear price resistance as follows:

Today's close will be important.  Leaving a tail above price resistance with a close beneath it would suggest the higher likelihood of a short-term pullback.  However, closing above 66.50-67.00 would encourage more technical buyers, especially given today's volume.  Also, the surge in price is being accompanied by a similar surge in its SCTR ranking.  Momentum here is building on both a fundamental and technical basis.

Happy trading!

Tom

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Tom Bowley
About the author: co-founded Invested Central and served as the site's Chief Market Strategist for more than 10 years. His unique trading style combines both his fundamental and technical strategies to systematically manage risk while trading. A regular contributor to StockCharts.com's bi-weekly ChartWatchers newsletter since 2006, Tom's role at StockCharts has expanded significantly since he joined the company as a full-time Senior Technical Analyst in March of 2015. Learn More
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