AMERICAN EXPRESS LOOKING BULLISH AFTER EARNINGS
American Express is currently trading at $102.66 and has been trading in positive mode since the past five trading sessions. It has added 4.1% over the past five trading sessions. American Express constitutes 2.72% of the Dow Jones Industrial Average. The index is trading flat at 25,585.81.
In recent news American Express Co raised currency conversion rates for business clients without notifying its customers in an attempt to boost revenue and employee commission, the Wall Street Journal reported on Monday 30th July. The practice has been going on since at least 2004 to early this year, the report said. This can be a risk factor as the practice has been done without client’s knowledge. However American Express second quarter earnings topped market expectations
On the technical front, the RSI is currently at 60.51% and suggests that the market can continue trading sideways. The %K has crossed the %D from below to the upside at 16.55% and suggests that the market may move upwards. The current market price is above the middle line of the Bollinger bands and is currently heading upwards. The MACD has also generated a buying signal as fast line is above slow line and both are above zero .Overall market sentiment seems to be bullish.
TRADE SUGGESTION- BUY AT 102.40 TAKE PROFIT AT 103.20 STOP LOSS AT 102.00